Genting Singapore - DBS Research 2025-05-16: Renovations On Track To Deliver A Better 2H25

• 1Q25 results below our estimates and consensus – Genting Singapore reported adjusted EBITDA of S$236mil, down 36% y-o-y. This accounted for only 22% of our FY25F figure, falling short of expectations and below the pre-COVID 1Q contribution range of 25%-29%. The figure also came in 3.6% below consensus estimates of S$245mil.
• - Read this at SGinvestors.io -

1Q25 revenue fell 24% y-o-y to S$438mil on weaker VIP volumes, normalised win rate, and lower non-gaming contribution.

• VIP rolling volumes dropped 19% y-o-y, reflecting Genting Singapore’s strategic decision to limit exposure amidst regional economic uncertainties. In addition, the VIP win rate normalised to 3.4% (vs. 4.6% in 1Q24), which further weighed on gaming revenue.
• - Read this at SGinvestors.io -

Opening of new hotel rooms, retail spaces, and Oceanarium on track for early 3Q25, to deliver a stronger 2H25.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-02-21 Genting Singapore - New Rooms & Attractions In 2H25.

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 Dividend Payout Dates & Corporate Actions,
Genting Singapore News