- Genting Singapore's 1Q25 earnings came in in-line with our expectations. VIP volume and mass market recovered meaningfully q-o-q.
- From 3Q25, we expect operations to be stronger thanks largely to the opening of The Laurus hotel that will house more VIP and premium mass players.
Results within our expectations.
- - Read this at SGinvestors.io -
- As a secondary check, 1Q25 revenue of S$626.2m (-20% y-o-y, +2% q-o-q) and 1Q25 EBITDA of S$235.8m (-36% y-o-y, +5% q-o-q) were also in-line at 26% and 24% of our full year estimates respectively.
- Of note, 1Q25 VIP volume recovered 26% q-o-q to S$8.7b as RWS regained 5ppts of VIP volume share to 44% and 1Q25 mass market gross gaming revenue hit a post-COVID high of S$414m.
Maintain earnings estimates.
- - Read this at SGinvestors.io -
- Going into 3Q25, we expect operations to be stronger. Then, the Singapore Oceanarium will open and so will the 183-suite The Laurus hotel. The latter is especially important as it will add to room inventory to house VIP and premium mass players.
Long serving CEO to retire.
- Read more at SGinvestors.io.
