Genting Singapore sees net profit soar by 228%

Updated:2024-03-20 09:19    Views:155

Key Stats:

- Revenue hits SG$1.08bn

- Adjusted EBITDA up 68% annually

- Net profit up 228% to SG$276.7m

The Sentosa Island-based casino resort made a total of SG$1.08bn (US$800m) for H1 2023, a significant rise on H1 2022’s SG$663.1m.

Breaking down its revenue, SG$746.9m of it came from the property’s gaming segment – with its non-gaming segment bringing in SG$326.9m and SG$6.2m coming from other revenue.

This compares to H1 2022, when its gaming division reported SG$475.2m and its non-gaming arm posted SG$183m in total revenue.

Meanwhile, Genting Singapore’s adjusted EBITDA stood at SG$452.4m – representing another significant year-on-year rise (68%) when compared to H1 2022’s SG$268.7m.

Furthermore, its EBITDA figure for H1 2023 stood at SG$437.3m, 79% up on H1 2022’s SG$244.5m.

Genting Singapore’s net profit saw a massive annual surge totalling SG$276.7m – up a whopping 228% on H1 2022.

Looking at Genting Singapore’s share price, since the beginning of 2023, when it sat at SG$0.95, it has seen a steady rise followed by a fall. At the time of writing,Online Casino Games for Real Money it sits at SG$0.96 – however, at its peak on 5 April, it was priced at SG$1.18.   

The current price means that Genting Singapore’s market cap totals US$8.23bn.

Genting Singapore’s Sentosa Island resort is one of two casinos in the duopoly of Singapore, with its nearest casino neighbour being the mighty Marina Bay Sands.

Both are two of the biggest casinos to be found in the region, with Gambling Insider reporting that Resorts World Sentosa is the fifth largest, in terms of revenue, in Asia.

However, Marina Bay Sands’ own revenue report showed the scale of its operations in the southeast Asian country, with its H1 2023 revenue showing a US$1.8bn sum – circa US$1bn more than its Island compatriot.