Genting Singapore records €421 million net profit in 2023

Jenny Ortiz February 23, 2024

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Genting Singapore records €421 million net profit in 2023

Genting Singapore recorded an 80 percent year-over-year increase in its net profit with SG$611.6 million (€421 million) recorded in 2023.

The company also saw a 40 percent year-over-year growth in revenue with SG$2.4 billion (€1.66 billion) and experienced a 36.6 percent year-on-year increase in the cost of sales amounting to SG$1.5 billion (€1.01 billion).

Gaming revenue respectable, says Genting Singapore

Resorts World Sentosa (RWS), the subsidiary overseeing the casino complex, recorded an Adjusted EBITDA of SG$1.1 billion (€728 million) which is about 86 percent of its pre-Covid Adjusted EBITDA.

RWS’ gaming revenue is almost SG$1.65 billion (€1.14 billion) which represents a 34.1 percent increase from the previous year.

In a statement, Genting Singapore said that gaming revenue growth was very respectable but it’s a different story for the non-gaming revenue.

The company blamed it on various factors such as the strong Singapore dollar, high airfares and accommodation costs, and the slower recovery of Chinese outbound travel.

Business recovery gaining momentum

Genting Singapore said its business recovery was ‘gathering momentum’ post-COVID. It, however, added that the company still sees ‘some potential headwinds’.

Additionally, the company has a number of ongoing developments such as Universal Studios Singapore’s Minion Land and the Singapore Oceanarium soft opening set in early 2025, as well as a new waterfront development with 700 hotel keys and immersive lifestyle offerings in the second quarter of 2024.

SiGMA Eurasia and SiGMA Africa – less than a month away

With less than a month until the highly anticipated SiGMA Africa event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa towards a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town.

The fourth edition of SiGMA Eurasia will once again be held at the InterContinental Dubai Festival City. Held between the 25 and 27 February 2024, the summit provides invaluable opportunities for attendees to network with industry professionals, gain exposure to the latest tech and innovations in the sector, meet key decision makers, and gain insight into new markets.