Genting Singapore - OCBC Investment 2023-11-14: Another Strong Quarter

• Genting Singapore (SGX:G13) reported another strong quarter with 3Q23 revenue growing 33% y-o-y to S$689.9m, boosted by stronger performance in both gaming and non-gaming segments.

3Q23 results beat expectations

• - Read this at SGinvestors.io -
• Genting Singapore's gaming revenue and non-gaming revenue increased 20% and 68% y-o-y to S$459.6m and S$230.1m, respectively, during the quarter.
• On a q-o-q basis, non-gaming revenue rose 22%, on the back of a higher number of tourists and customer spending during the summer holiday season. For the gaming segment, on a hold-normalised basis, its revenue was up 31% q-o-q to S$715.2m, surpassing its pre-COVID levels for both VIP and mass gaming segments.

More to come ahead

• - Read this at SGinvestors.io -
• Genting Singapore notes that the investment will be funded by internal resources.
• The Waterfront development, comprising of 700 hotel keys, has received government’s provisional permission with construction set to commence in 2024. Meanwhile, the transformation of the Forum, the Minion Land in Universal Studios Singapore and the Singapore Oceanarium are expected to soft open in early 2025.

Further room for tourist arrival recovery

• Read more at SGinvestors.io.

OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2023-11-14 SGinvestors.io

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