Genting Singapore Ltd has reported a significant increase in gross gaming revenues for the third quarter of 2023, generating almost SGD690.0 million (US$507.1 million). This surge in revenue represents a 15.8 percent increase over the prior quarter, illustrating a sustained recovery in the region.
The company also reported third-quarter adjusted EBITDA of US$253.8 million, marking a 32.5 percent increase over the preceding quarter and a 38.5 percent higher level compared to the same period in 2022. After deducting interest, tax, depreciation, and amortization costs, Genting reported a net profit of almost US$158.9 million for the three months ending on September 30, 2023, representing a 60% increase from the same period in 2022.
In light of this sustained recovery, Genting is accelerating the expansion of the Resorts World Sentosa (RWS) property. The company’s Board has approved a US$5 billion funding for the project, signaling a significant increase from the initial US$2.9 billion planned in 2019.
According to the company, the expansion project will firmly establish RWS as the most sought-after tourism destination in Asia, propelling the company’s future growth. The project will be funded through internal resources and is set to include the addition of 700 new hotel rooms, along with a unique lifestyle content designed by award-winning firms Benoy and Heatherwick Studio.
The expansion project also includes a major upgrade to key facilities, such as the Forum, Minion Land in Universal Studios Singapore, and the Singapore Oceanarium. These upgrades are reportedly progressing well, with a soft opening expected in early 2025.
Overall, the sustained recovery in the region has prompted Genting to pursue ambitious expansion plans for the RWS property, with the company aiming to turn this sustained recovery into full recovery. This expansion aligns with the company’s record 60% increase in net profit for the third quarter of 2023, indicating confidence in the future growth and success of the project.