Genting Singapore’s profit increases 29% in H1, led by strong gaming revenue

Gaming revenue rose 28% YoY to $957.6m.

The net profit of Genting Singapore rose 29% YoY to $356.9m in H1 2024, aligned with its revenue growth.

The company’s revenue in H1 2024 was $1.4b, 25% higher than the H1 2023 record of $1.1b.

By segment, revenue improved by 28% YoY to $957.6m for gaming and 19% YoY to $333.2m for non-gaming.

The Resorts World Sentosa owner, however, said that high transport and accommodation costs and geopolitical heads affected its growth, particularly in Q2.

In Q2, the company’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was weaker at $201.3m.

Genting Singapore attributed the decline to significantly lower VIP hold and the closure of the Hard Rock Hotel for renovations and rebranding.