- Genting Singapore (SGX:G13)'s VIP volume surged to an 8-year high and drove 3Q23 results to exceed our expectations. Equally, if not more importantly, mass market GGR also continues to grow after years of stagnation during pre-COVID times.
- - Read this at SGinvestors.io -
- On another note, the budget for ‘RWS 2.0’ has been raised by ~50% to S$6.8b but with a longer runway to completion.
Beat on higher-than-expected VIP volume
- Genting Singapore's 3Q23 core net profit of S$215.5m (+63% y-o-y, +34% q-o-q) brought 9M23 core net profit to S$507.4m (+111% y-o-y) which was above our expectation at 80% of our FY estimate.
- - Read this at SGinvestors.io -
- The outperformance was due to 3Q23 VIP volume surging ~65% q-o-q to S$11.3b, or 55% higher than we expected. According to our records, Genting Singapore's 3Q23 VIP volume was the highest since 2Q15.
Mass market also performed well
- Read more at SGinvestors.io.
