While this had an impact on non-gaming revenues and a spillover effect to the gaming segment, gaming revenue rose 25.9% q-o-q in the period, to which Tay attributes to the normalisation of VIP win rates.
Following the release of Genting Singapore’s FY2024 ended Dec 31, 2024 results, analysts at CGS International (CGSI) and DBS Group Research have kept their respective “add” and “buy” calls at unchanged target prices (TP) of $1.05 and 95 cents respectively.
CGSI analyst Tay Wee Kuang notes that the group’s 5.4% y-o-y revenue decline to $612.2 million in the 4QFY2024 was mainly due ongoing renovation works at Resort World Sentosa (RWS), namely at Hard Rock Hotel, the Forum, as well as Universal Studios.
