Genting Singapore - UOB Kay Hian 2025-02-21: 4Q24 A Strong Finish

• Moving into 2025, we are upbeat for Genting Singapore on higher regional tourist arrivals and consumption, especially during the CNY period. More importantly, RWS’ opening of its long-awaited Oceanarium and Minion Land is poised to elevate patronage and serves as a key re-rating catalyst.
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4Q24: Within expectations.

• Tracing MBS, Genting Singapore’s 4Q24 results reflect operational improvement on the back of resilient gaming revenue growth.
• Resort World Sentosa’s (RWS) 4Q24 revenue (+9% q-o-q, -5% y-o-y) and EBITDA (+38% q-o-q; -1% y-o-y) improved significantly q-o-q. The strength in q-o-q earnings mainly reflects higher VIP hold, offsetting seasonally softer patronage due to strong S$ and absence of mega events.
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Gaming statistics improved on exceptionally strong VIPluck factor… but declined y-o-y.

• Gaming revenue in 4Q24 surged 26% q-o-q and reached 107% of pre-pandemic levels (3Q24: 81%). This presumably reflects exceptionally high base VIP win percentage of 3.50% (4Q23: 3.61%, 3Q24: 2.45%) despite softer betting volume (gross gaming revenue: -10% q-o-q).
• Meanwhile, VIP GGR is estimated to have surged 28% q-o-q, while mass GGR fell 24% q-o-q off 3Q24’s seasonally high base.
• Gaming revenue -6% y-o-y, mainly due to lower VIP volume (-27% y-o-y), lower VIP win percentage (4Q23:3.69% vs 4Q24: 3.5%), and lesser daily available rooms of ~1190 rooms (4Q23: ~1530 rooms).

Non-gaming segment charted a softer performance.

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Jack Goh UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-02-21 SGinvestors.io

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