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Results up at Resorts World Sentosa
Internationally, the Southeast Asian city-state of Singapore is unquestionably one of the leading markets for land-based casinos.
And yet, Singapore is home to just 2 gaming resorts: Marina Bay Sands, owned by the American Las Vegas Sands group, and Resorts World Sentosa, owned by the Malaysian conglomerate Genting.
The latter gaming establishment has just announced its results for the first quarter of 2023. They show strong year-on-year growth.
Some published figures showing an undeniable increase
On Friday May 12, subsidiary Genting Singapore released the results for Resorts World Sentosa for the first 3 months of 2023. During this period, the hotel-casino raked in gross gaming revenue of S$339.9 million, or roughly €233.57 million. This represents an increase of 45% on the first quarter of 2022.
Thus, the gaming establishment continues to benefit from the ongoing recovery in international travel and the desire of many people to start visiting land-based casinos again after the complicated sequence of the Covid-19 international coronavirus pandemic.
Resorts World Sentosa’s consolidated revenue for the first 3 months of the year reached S$484.5 million (€332.94 million), up 54% on the same period of 2022. EBITDA rose by 54% to S$191.7 million (€131.73 million).
Finally, net profit more than tripled from S$40.4 million (€27.76 million) in the first quarter of 2022 to S$129.2 million (€88.78 million) in the first quarter of 2023.
>>> Read also: “Resorts World Sentosa renovation estimated at $287 million”
Genting Singapore’s plans for Resorts World Sentosa
Despite these improved results, Genting Singapore has reported that its Resorts World Sentosa hotel-casino is still affected by travel restrictions due to the international health crisis. Indeed, the operator claims that the resumption of non-gaming activities has been limited by the slowdown in foreign visitor arrivals.
As a result, revenues in this area were down 15% on the previous quarter.
Looking ahead, Genting Singapore aims to strengthen Resorts World Sentosa’s position as a high-end luxury destination by attracting a trendy, affluent clientele.
Consequently, it will seek to increase the appeal of this hotel-casino by reinventing its offering and innovating as much as possible. He also wanted to relaunch the former 389-room Festive Hotel under the new Hotel Ora brand.
Last but not least, The Forum at Resorts World Sentosa shopping mall is also to be transformed from this month onwards. Its surface area will more than double to 20,000 m² over 3 levels, allowing for the addition of further restaurants, bars and boutiques.
Opened on January 20, 2010, Resorts World Sentosa is home to a huge amusement arcade covering more than 15,000 m².
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