A reputable gaming operator, Genting Singapore, has reported an 85% profit increase in its Resorts World Sentosa (RWS) property in the financial year 2022. The operator and the owner of the property benefited from the bouncing revenue trend in the second half of the year to score SG$340.1 million (US$ 254.6 million) profit from the operations of its RSW casino location.
Financial results released:
According to the IAG, Genting Singapore, a vertical of Asia’s largest and oldest gaming operator Genting Group, released its financial results indicating that the revenues generated at the end of FY 2022 represent a 62% increase over the year 2021. Further, the company noted that its revenues in the second half of the year hit SG$1.06 billion (US$794 million), which is a 60% higher level than those seen in the first half of 2022 with the gaming and non-gaming ratio distributed in the approximately 2.5:1 ratio.
85% profit increase in 2022:
Finally, the full-year 2022 gaming revenue reached SG$ 1.23 billion (US$921 million) to witness a 53% y-o-y increase, while non-gaming operations achieved a rise of even 90% over the year 2021 to settle at SG$ 490.8 million (US$ 367 million) level. Likewise, adjusted EBITDA of SG$ 774.2 million (US$ 580 million) for FY 2022 is a 73% increase over the previous year and includes SG$268.7 million (US$ 292 million) of H1 2022 and SG$ 505.4 million (US$ 548 million) from H2 2022. The company’s net profit after taxation amounted to SG$ 340.1 million ($ 254.6 million) representing an 85% annual increase.
Cautiously optimistic:
Genting Singapore commented on the results and said the company has outperformed the COVID years now but remained “cautiously optimistic” about future prospects and the luring full recovery of its operations at the RSW property. However, the figures ramped up in the second half of 2022 to lead the property towards a successful end of the financial year against the 2021 lows experienced during the pandemic. Genting Singapore’s caution originates from its 2021 experience, but the optimism is boosted by the soaring revenue figures.
The analysts believe that the gross gaming revenue levels have already reached 90% of pre-COVID levels against the limited inbound travel that will continue to shape the GGR levels and be the important variable in the overall GGR score of Genting Singapore’s resort. The operator has recently renewed its casino license for Resorts World Sentosa and is ready to get back into the pre-pandemic rhythm.
Revamp and construction projects:
The company also reported that the overhaul of its Festive Hotel at RWS is close to an and, with the 389-room property to be opened in May to expand the resort’s overall hotel facilities. However, the operator also continues other projects for the RWS already boasting one of the world’s newest gaming halls. These projects include “the construction of the Singapore Oceanarium, Minion Land at Universal Studios Singapore, and supporting infrastructure facilities to cater to the overall expansion of RWS.”
These activities show that the company’s optimism about the near future is reflected in the reinforcement of its gaming and leisure infrastructure to get ready for even more busy traffic within its RWS property.