Chinese tourism contributes to Genting Singapore nearly doubling its profits
Increased visitor and tourism spending during the Chinese New Year festive season has contributed to he operator for Resorts World Sentosa (RWS) - Genting Singapore - reporting a net profit of $247.4 million for the first quarter ended March 2024, an increase of 91.5% from $129.2 million in the previous corresponding period.
The group posted a revenue increase of 61.9% to $784.4 million from $484.5 million a year ago. Its gaming-segment revenue rose 69.5% to $576 million, while non-gaming segment revenue climbed 44.2% to $208.3 million.
The profits are attributed to both increased tourism spending during the Chinese New Year festive season, as well as the relaxation of visa regulations between China and Singapore that took effect in February 2024
The Strait Times reports that the group plans to hold more lifestyle events in 2024 targeting affluent visitors, such as Naruto: The Gallery exhibition, which is ongoing, and Harry Potter: Visions Of Magic later this year.
Construction works on upcoming projects – Minion Land, Singapore Oceanarium and the Central Lifestyle Connector – remain on track for a phased opening in the first quarter of 2025.
An ongoing tender for the new Waterfront development, including two hotels totalling 700 rooms, will be awarded in the third quarter of 2024, while a new luxury hotel replacing the former Hard Rock Hotel will be launched in early 2025.
According to the Strait Times, on 10th May, RWS signed a memorandum of understanding with Sentosa Development Corporation, DBS Bank and the Singapore Tourism Board (STB) to establish the Sentosa Precinct Partnership, which will “pave the way for a transformation of RWS’ destination appeal”.
The partnership is part of wider government efforts to boost tourism, even as tourism receipts in 2023 exceeded forecasts at $27.2 billion.
These include another memorandum signed between STB, Marina Bay Sands and UOB, to improve the Marina Bay precinct, and a $100 million experience centre by Porsche in Changi.
Shares of Genting Singapore closed one cent or 1.1% higher at 88.5 cents on 10th May 10, before the update.
Image. Artist impression of the planned Waterfront development, which includes two hotels totalling 700 rooms. Credit: Resorts World Sentosa
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