Genting Singapore’s fate is closely intertwined with Singapore’s tourism sector. Alongside Marina Bay Sands (MBS), managed by US-listed Las Vegas Sands Corp, these two integrated resorts (IRs) have consistently attracted millions of visitors and generated substantial revenue since their inauguration over a decade ago.
Genting Singapore’s Resorts World Sentosa (RWS) is capitalising on the city-state’s post-pandemic reopening. This is evident in its 3QFY2023 results, which recorded the most significant earnings leap in three years. Quarterly sales and net income soared by 33% and 59% y-o-y, showcasing the company’s strong performance.
The resort operator reported “a clean earnings beat, after a long time, where ebitda finally exceeded pre-Covid-19 levels as Genting re-gained share from rival Marina Bay Sands”, JPMorgan Chase & Co analysts wrote in a November 2023 note.
