Genting Singapore saw net profit in the six months to December 31, 2024, fall by 34 per cent, but full-year revenue was up five per cent.
Profit after tax for the group’s latest six-month period hit SG$221.96m, down from $334.9m in the prior-year period.
Gaming revenue for the same six months fell 17 per cent from $900.6m to $745.6m.
Total revenue for the group in that time was down 12 per cent to $1.17bn from $1.34bn.
However, in the fourth quarter, the group’s adjusted EBITDA grew 37 per cent quarter-on-quarter “on the back of better gaming performance,” it said.
Gaming revenue grew 26 per cent “mainly due to a strong hold rate,” while non-gaming revenue declined 15 per cent due to “seasonality and the impact of a strong Singapore dollar and elevated travel costs.”
For the full year, Genting Singapore revenue climbed five per cent to $2.5bn from $2.4bn in 2023.
Although, gross profit, operating profit and net profit were all down by single figures.
Gross profit fell five per cent year-on-year from $882.8m to $836.1m and operating profit is down six per cent from $773.96m to $727.2m.
The company’s net profit in 2024 was $578.9m, down five per cent from $611.6m in 2023.
“Singapore’s tourism recovered strongly in 2024 and demonstrated resilience with notable growth in international arrivals from key visitor source markets,” Genting Singapore said.
“For Resorts World Sentosa (RWS), 2024 was a pivotal year of transformative progress. We were integrating marketing efforts, automating and streamlining processes to enhance productivity.
“Together with these efforts, a significant investment will be made for a technological refresh that will embrace the use of artificial intelligence to improve efficiency and create personalised experiences.
“These projects will stretch into 2025/26. With the deployment of these technological advancements, earnings will exhibit good incremental results from the full launch of RWS 1.5 in the third quarter of 2025 onwards.
“We remain agile, staying ahead of tourism trends by enhancing our existing offerings with innovative events and experiences. These efforts support the resilience of our business.”
