- Genting Singapore’s 3Q24 results reflect deteriorating gaming revenue on the back of weaker gaming volumes in both the VIP and mass segments. The VIP win rate was also exceptionally low in the quarter, fully offsetting the non-gaming segment’s resilient improvement.
- - Read this at SGinvestors.io -
3Q24: Below consensus & our expectations.
- Resort World Sentosa’s (RWS) 3Q24 revenue (-2% q-o-q, -19% y-o-y) and EBITDA (-19% q-o-q; -53% y-o-y) plunged steeply. Earnings were weaker q-o-q, presumably due to seasonally softer patronage, lower VIP hold and an absence of mega events.
- - Read this at SGinvestors.io -
Gaming statistics dragged by lower visitations and exceptionally weak VIP luck factor.
- Gaming revenue in 3Q24 deteriorated 14% q-o-q and merely represented 81% of pre-pandemic level (2Q24: 87%). This presumably reflects an exceptionally low-base VIP win percentage of 2.45% (3Q23: 3.19%/2Q24: 2.91%) and softer betting volume (gross gaming revenue: -10% q-o-q).
- Meanwhile, VIP GGR is estimated to have declined around 18% q-o-q, while mass GGR fell by 6% q-o-q.
Non-gaming segment, however, charted resilient improvement.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jack Goh UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-11-08
Previous report by UOB:
2024-08-15 Genting Singapore - 2Q24 Seasonally Softer; Slowing Recovery Pace.
Price targets by 3 other brokers at Genting Singapore Target Prices.
Listing of research reports at Genting Singapore Analyst Reports.
Relevant links:
Genting Singapore Share Price History,
Genting Singapore Announcements,
Genting Singapore Dividends & Corporate Actions,
Genting Singapore News Articles
