Genting Singapore - CGSI Research 2024-02-23: FY24 A Year Of Refurbishments

Genting Singapore - FY24 A Year Of Refurbishments

Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • Genting Singapore (SGX:G13)’s 4Q23 revenue declined 6.2% q-o-q (gaming: -4.0% q-o-q; non-gaming: -7.7% q-o-q) due to lower visits to Resorts World Sentosa (RWS).

Weaker seasonality in 4Q23 was within expectations

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  • On the other hand, 4Q23 adjusted EBITDA declined 34.2% q-o-q to S$227.2m, due to higher impairment recorded during the quarter, which management shared was a result of increasing contribution from its VIP gaming segment, which partially run s on a credit basis.

First signs of continued tourism recovery in Jan-Feb 24…

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  • With the rollout of the mutual 30-day visa exemption between Singapore and China, we could see a further recovery of Chinese tourists supporting more visits to RWS. Singapore received 3.6m Chinese tourists in 2019.

… but pace of earnings growth to moderate due to refurbishments

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Above is the excerpt from research report by CGSI Research.
Clients of CGS International may access the full report in PDF @

TAY Wee Kuang CGS International Research | 2024-02-23

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Listing of research reports at Genting Singapore Analyst Reports.

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