- Genting Singapore (SGX:G13)’s 2Q23 results reflect a broad spectrum of operational improvement across all business segments.
- Gaming revenue charted solid recovery as VIP luck factor normalised from 1Q23’s low base.
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2Q23: Fantastic set of results from slow start in 1Q23.
- Resort World Sentosa’s (RWS) 2Q23 revenue (+23% q-o-q, 71% y-o-y) and EBITDA (+36% q-o-q, +81% y-o-y) jumped impressively as hoped. This was the best quarter since the onset of COVID-19 with revenue and net profit recovering to about 94% and 89% of 2Q19 levels.
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Gaming statistics buoyed by a rebound in visitations and better VIP luck factor.
- Gaming revenue in 2Q23 improved ~20% q-o-q to 92% of pre-pandemic levels, presumably reflecting normalisation of 1Q23’s low-base VIP win percentage (2Q23: 3.95%, 1Q23: 2.79%) and higher betting volume.
- On a hold-adjusted basis, GGR improved ~3% q-o-q to S$547m, reiterating our view that industry earnings are recovering.
Non-gaming revenue continues its winning streak.
- Read more at SGinvestors.io.