written and last updated by
Sam Smith at
13 Nov 2023
Journalist, Editorial Department
Genting Singapore Ltd reported a revenue of nearly SGD 690 million (approximately RUB 46.8 billion) for the third quarter of this year, marking a 15.8% increase from the previous quarter and a 32.7% rise year-on-year.
The casino operator announced a net profit after tax of nearly USD 216.3 million (around RUB 14.7 billion), which represents a 46.7% increase compared to the second quarter of 2023 and a 59.3% jump from the same period in 2022.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached USD 345.4 million (approximately RUB 23.4 billion), up 32.5% from the previous quarter and 38.5% year-on-year.
According to Genting, total gaming revenue amounted to just under USD 459.6 million (over RUB 31 billion), with a quarterly growth of 12.9% and a year-on-year increase of 20.3%.
The operator also announced that its board has approved a total investment of around USD 6.8 billion (approximately RUB 460 billion) for the modernization and expansion of Resorts World Sentosa (RWS), the casino resort in Singapore managed by Genting. This amount includes both funds already spent and the remaining budget to be invested over the next eight years. Previously, the operator had committed to investing USD 4.5 billion (about RUB 304.9 billion) for the expansion of the Resorts World Sentosa complex, known as the RWS 2.0 project.
Genting stated that these investments will firmly establish Resorts World Sentosa as the most sought-after tourist destination in Asia and will contribute to the group's strong future growth. The funding will be sourced from internal resources.
According to Genting, construction of RWS 2.0 is progressing well, with completion expected in early 2025. The operator also noted that the overall improvement in the performance of Resorts World Sentosa reflects a "sustained recovery in travel and tourism" in the region.
Additionally, it is worth noting that Light & Wonder's revenues for the third quarter of 2023 are showing double-digit growth.
