Genting Singapore revenue in the third quarter of 2024 was S$561.9 million, a 2% decline from the second quarter, with adjusted profits before interest, tax, depreciation, and amortization of $163.9 million, compared to $201.3 million in the previous quarter.
Resorts World Sentosa’s gaming revenue in the third quarter was S$330 million (US$250 million) (RWS), a 28% decrease year on year, mostly due to reduced VIP rolling volume and win rate. Despite the complete closure of Hard Rock Hotel for refurbishment and rebranding, and the S.E.A. Aquarium’s weekly two-day shutdown for development into the Singapore Oceanarium, the non-gaming business improved owing to seasonality.
Tushar Mohata and Alpa Aggarwal, analysts at Nomura, stated, “Given that 3Q is seasonally the strongest quarter for Genting Singapore, we believe the 3Q24 results were a miss.” Barring a positive surprise in win rate, we believe that weaker earnings will continue for another two to three quarters until RWS 2.0 attractions (Minion Land, the Singapore Oceanarium, the Central Lifestyle Connector, and an all-suite hotel in place of the Hard Rock Hotel) begin to open gradually in 1H25 and contribute meaningfully to earnings growth in 2H25/2026.”
Genting Singapore stated: “Despite a delayed recovery in foreign tourist arrivals to Singapore, increasing competition, and global uncertainty, Resorts World Sentosa continued to accelerate its transformation to improve its destination appeal and visitor experiences. During the third quarter of 2024, the S.E.A. Aquarium held its annual Ocean Fest in connection with World Oceans Day. The event featured an underwater photography gallery by Toh Xing Jie, an award-winning Singaporean photographer. The S.E.A. Aquarium has introduced the Teyvat SEA Exploration in conjunction with the worldwide popular role-playing game Genshin Impact, enchanting guests with the marvels of marine life and the magical realm of anime.”
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“Universal Studios Singapore has announced Southeast Asia’s largest Halloween event, Halloween Horror Nights 12, which will feature spine-tingling shocks over 18 nights. The “Dark Dreams” theme this year includes two special haunted houses designed in conjunction with Netflix and Team Wang Design. On the entertainment front, Westlife’s private performance and A Night of Star Voices 2024 have brought approximately 10,000 fans and tourists to the resort. In November of this year, RWS will hold the inaugural World Chess Championship in Singapore. The 138-year-old sport will feature two Asian players, the incumbent World Champions from China and India, competing for the ultimate championship.
“As we advance with RWS 2.0 development, RWS will gradually disclose new and improved visitor experiences. Beginning in November 2024, Asia’s first Harry Potter: Visions of Magic experience will be the world’s largest version of the Harry Potter interactive art experience. Universal Studios Singapore’s new themed zone, Illumination’s Minion Land, is on track to launch in the first quarter of 2025.”
“We are also pleased to announce that RWS has reached a significant milestone by awarding the construction contract for the Waterfront development, with work beginning in November 2024.” The Waterfront development comprises two new luxury hotels with 700 rooms, a four-story podium with entertainment options, and retail and eating outlets.”
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