- Genting Singapore (SGX:G13) reported a strong beat in 1Q24 after a lackluster performance in 4Q23. Its revenue rose 62% y-o-y to S$784.4m in 1Q24, driven by both increase in gaming (+69% y-o-y) and non-gaming (+44%) segments.
1Q24 adjusted EBITDA beat due to the higher-than-normal VIP hold rate
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- Adjusted EBITDA and net profit improved 93% and 92% y-o-y to S$369.5m and S$247.4m respectively. On a q-o-q basis, adjusted EBITDA and net profit grew 62% and 109% respectively.
- We believe the strong beat in 1Q24 adjusted EBTIDA was boosted by the higher-than-normal VIP hold rate of 4.6% vs theoretical rate of 3.3%. This implies the luck adjusted EBTIDA would have been ~S$260m based on our estimate.
Benefiting from Singapore-China visa free agreement
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- The construction works for the new Minion Land, the Singapore Oceanarium, and the Central Lifestyle Connector remain on track for opening in phases from the 1Q25.
Undemanding valuations
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