- 1Q26 revenue at S$608mil, down 3% y-o-y despite completion of major renovations. The revenue decline was largely attributable to softer gaming volumes, partially offset by improved non-gaming performance.
- Notably, VIP gaming volume was underwhelming, falling 36% y-o-y to S$5.6bn, a level last seen in 4Q22 when the country was beginning to reopen. VIP market share also declined to a record low of 20%, with management attributing this partly to measured and risk-balanced approach to credit extension underpinned by player-quality strategy with no change to the company’s credit policy.
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- Overall, this resulted in an 8% decline in Genting Singapore (SGX:G13)'s total gaming revenue.
Adjusted EBITDA sank by 24% y-o-y to S$179mil
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- Management attributed this to higher costs, including staffing, asset enhancement, and marketing expenses. It also highlighted that the ramp-up in marketing efforts will likely take time to translate into improved revenue and earnings. In addition, management shared plans to increase business development hires in 2H26 and to undertake progressive asset enhancements for its hotels during non-peak periods.
Maintain absolute 4 cents dividend guidance.
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