- Genting Singapore (SGX:G13) reported another quarter of weak results, which missed ours and Bloomberg consensus expectations.
- Its revenue fell 19% y-o-y, dragged by weaker contributions from gaming segment(-28% y-o-y), due to weak VIP rolling volume and win rate.
- - Read this at SGinvestors.io -
Weak gaming segment dragged 3Q24 results.
- Adjusted EBITDA and net profit declined 53% and 63% y-o-y to S$163.9m and S$79.4m respectively. On a q-o-q basis, adjusted EBITDA and net profit fell 19% and 27% respectively.
- We believe Genting Singapore's weak performance in 3Q24 was mainly due to unfavourable VIP win rate of 2.45% vs the theoretical rate of 3.3%. This negatively impacted its adjusted EBITDA, reducing it by S$55m during the quarter.
- - Read this at SGinvestors.io -
ESG Updates
- Genting Singapore’s ESG rating was upgraded in Oct 2024.
- Read more at SGinvestors.io.
