Genting Singapore - CGS-CIMB Research 2023-11-13: Surpassing Pre-COVID-19 Profit Levels

Genting Singapore - Surpassing Pre-COVID-19 Profit Levels

Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • Genting Singapore (SGX:G13)’s 9M23 adjusted EBITDA of S$797.8m (+49.7% y-o-y) was a convincing beat at 79.5%/80.6% of our/Bloomberg consensus’ FY23F estimates, driven by a combination of strong revenue growth and margin expansion in 3Q23.

Building on strong seasonality momentum in 3Q23

  • - Read this at -

Gaming revenues surpass pre-COVID-19 levels

  • Gaming revenue grew 20.3% y-o-y/12.9% q-o-q to S$459.6m, which was 20.3% higher than pre-COVID-19 levels.
  • See Genting Singapore's announcement dated 10 Nov 2023. In its announcement, Genting Singapore shared that its hold-normalised (adjusted for win rate) gross gaming revenue (GGR) increased 31% q-o-q to S$715.2m in 3Q23 and exceeded pre-COVID-19 levels for both VIP and mass gaming GGR, suggesting that win rates were more normalised in 3Q23 compared to 2Q23.

Non-gaming revenue catching up

  • - Read this at -
  • We see continued upside to non-gaming revenues, given year-to-date tourist arrivals of 11.3m as of end-Oct were only 71.1% of the corresponding period in 2019.
  • The opening of Hotel Ora in May 23, which added 389 keys, also contributed to the growth of non-gaming revenues, in our view.

Positioning itself for the changing Singapore tourism landscape

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

TAY Wee Kuang CGS-CIMB Research | 2023-11-13

Previous report by CGS-CIMB:
2023-10-19 Genting Singapore - Positive Vibes For 3Q23F.

Price targets by 4 other brokers at Genting Singapore Target Prices.

Listing of research reports at Genting Singapore Analyst Reports.

Relevant links:
Genting Singapore Share Price History,
Genting Singapore Announcements,
Genting Singapore Dividends & Corporate Actions,
Genting Singapore News Articles


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