Genting Singapore (SGX:G13)’ 3Q23 results reflect operational refinement across both gaming and non-gaming segments. Earnings exceeded pre-pandemic levels, boosted by higher operating capacity following Hotel Ora’s reopening in May, ramp-up of regional tourist arrivals, the F1 event and RWS’ premiumisation.
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3Q23 results beats consensus’ expectations but within ours.
Resort World Sentosa’s (RWS) 3Q23 revenue (+16% q-o-q, 33% y-o-y) and EBITDA (+33% q-o-q; +39% y-o-y) leapt impressively as hoped. This was the best quarter since COVID-19 with revenue and net profit at ~124% and 138% of pre-pandemic (3Q19) levels.
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Both gaming and non-gaming statistics on a winning streak.
On a hold-adjusted basis, GGR improved ~27% q-o-q to S$715m, bolstering gaming revenue by ~13% q-o-q and at 127% of the pre-pandemic level. This was despite VIP win percentage being lower at 3.19% (2Q23: 3.95%).
Meanwhile, non-gaming revenue also resumed its winning streak and surged 22% q-o-q to S$230m.
Hotel occupancy rate of 91% (2Q23: 75%) was also remarkable on the back of higher average daily available rooms of ~1530 rooms (boosted by Hotel Ora), besides sharply higher average room rate of S$480.
Earnings strength attributed to confluence of catalysts.
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Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
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