Company Reports

Genting Singapore operates one of only two casinos in Singapore. The casino is part of Genting Singapore’s Resorts World Sentosa, a world-class integrated resort with a theme park, hotels, restaurants, and other nongaming facilities. RWS provides substantial nongaming revenue (around 30%-35% of total revenue) to Genting Singapore, having attracted more than 20 million visitors since opening in 2010. We believe RWS will continue to cement its position as a desirable destination for tourists and gamblers in Singapore, and this should ensure stable earnings growth for the firm. Singapore is Asia's second-largest gaming market and the world’s third-largest.

Genting Singapore reported a 2% quarter-on-quarter decline in revenue, while an 18% increase in adjusted EBITDA in the second quarter lifted adjusted EBITDA margin by 5.9 percentage points. The company kept its interim dividend at SGD 0.02 per share, flat from a year ago.

Genting Singapore operates one of only two casinos in Singapore. The casino is part of Genting Singapore’s Resorts World Sentosa, a world-class integrated resort with a theme park, hotels, restaurants, and other nongaming facilities. RWS provides substantial nongaming revenue (around 30%-35% of total revenue) to Genting Singapore, having attracted more than 20 million visitors since opening in 2010. We believe RWS will continue to cement its position as a desirable destination for tourists and gamblers in Singapore, and this should ensure stable earnings growth for the firm. Singapore is Asia's second-largest gaming market and the world’s third-largest.

Genting Singapore reported a 3% year-on-year decline in first-quarter revenue and a 24% drop in adjusted EBITDA. Adjusted EBITDA margin contracted by 8.2 percentage points.

Genting Singapore reported a 4% year-on-year decline in fourth-quarter revenue and a 25% drop in adjusted EBITDA, with adjusted EBITDA margin falling 8 percentage points. However, the firm maintained its final dividend per share at SGD 0.02, unchanged from a year ago.

Genting Singapore operates one of only two casinos in Singapore. The casino is part of Genting Singapore’s Resorts World Sentosa, a world-class integrated resort with a theme park, hotels, restaurants, and other nongaming facilities. RWS provides substantial nongaming revenue (around 30%-35% of total revenue) to Genting Singapore, having attracted more than 20 million visitors since opening in 2010. We believe RWS will continue to cement its position as a desirable destination for tourists and gamblers in Singapore, and this should ensure stable earnings growth for the firm. Singapore is Asia's second-largest gaming market and the world’s third-largest.

Genting Singapore's third-quarter results showed sequential improvement from the subdued second quarter. Revenue and adjusted EBITDA rose 10% and 19% quarter on quarter, respectively, with adjusted EBITDA margin expanding by 2.3 percentage points to 34.3%.

Genting Singapore operates one of only two casinos in Singapore, with about 40% market share. The casino is part of Genting Singapore’s Resorts World Sentosa, a world-class integrated resort with a theme park, hotels, restaurants, and other nongaming facilities. RWS provides substantial nongaming revenue (around 25%-30% of total revenue) to Genting Singapore, having attracted more than 20 million visitors since opening in 2010. We believe RWS will continue to cement its position as a desirable destination for tourists and gamblers in Singapore, and this should ensure stable earnings growth for the firm. Singapore is Asia's second-largest gaming market and the world’s third-largest.

Genting Singapore posted a subdued second-quarter performance, with revenue rising 3% year on year. However, adjusted EBITDA declined by 7%, resulting in a 3.3 percentage point drop in adjusted EBITDA margin to 35.2% compared with the previous year.

Genting Singapore operates one of only two casinos in Singapore, with about 40% market share. The casino is part of Genting Singapore’s Resorts World Sentosa, a world-class integrated resort with a theme park, hotels, restaurants, and other nongaming facilities. RWS provides substantial nongaming revenue (around 25%-30% of total revenue) to Genting Singapore, having attracted more than 20 million visitors since opening in 2010. We believe RWS will continue to cement its position as a desirable destination for tourists and gamblers in Singapore, and this should ensure stable earnings growth for the firm. Singapore is Asia's second-largest gaming market and the world’s third-largest.

Genting Singapore reported a sequential improvement in first-quarter performance, with revenue and adjusted EBITDA rising by 5%. The adjusted EBITDA margin also expanded by 0.8 percentage points to 37.7% compared with the prior quarter.

Genting Singapore operates one of only two casinos in Singapore, with about 40% market share. The casino is part of Genting Singapore’s Resorts World Sentosa, a world-class integrated resort with a theme park, hotels, restaurants, and other nongaming facilities. RWS provides substantial nongaming revenue (around 25%-30% of total revenue) to Genting Singapore, having attracted more than 20 million visitors since opening in 2010. We believe RWS will continue to cement its position as a desirable destination for tourists and gamblers in Singapore, and this should ensure stable earnings growth for the firm. Singapore is Asia's second-largest gaming market and the world’s third-largest.

Genting Singapore reported a 5% year-over-year growth in 2024 revenue and a 6% decline in adjusted EBITDA. The adjusted EBITDA margin was down 4.2 percentage points to 37.9% compared with a year earlier.

Genting Singapore operates one of only two casinos in Singapore, with about 40% market share. The casino is part of Genting Singapore’s Resorts World Sentosa, a world-class integrated resort with a theme park, hotels, restaurants, and other nongaming facilities. RWS provides substantial nongaming revenue (around 25%-30% of total revenue) to Genting Singapore, having attracted more than 20 million visitors since opening in 2010. We believe RWS will continue to cement its position as a desirable destination for tourists and gamblers in Singapore, and this should ensure stable earnings growth for the firm. Singapore is Asia's second-largest gaming market and the world’s third-largest.

Narrow-moat Genting Singapore’s 2% quarter-on-quarter decline in third-quarter revenue and 19% fall in adjusted EBITDA were disappointing, which management attributed to lower VIP rolling volume and win rate. Despite a continued rise in visitor arrivals from China, we think the increased scrutiny on cross-border gambling and the slowdown in China’s economic growth also dampen the VIP revenue outlook. We cut our fair value estimate to SGD 0.98 per share from SGD 1.02, after lowering our forecasts for 2024-28 revenue by 4%-10% and adjusted EBITDA by 5%-15%, to reflect the weaker-than-expected third-quarter performance and a more cautious growth outlook for the VIP segment. That said, we think the shares remain undervalued as we see multiple drivers to support Genting’s growth in the coming quarters.

Narrow-moat Genting Singapore posted a sharp 27% sequential decline in second-quarter revenue and 46% fall in adjusted EBITDA. The weakening trend is in line with peer Marina Bay Sands given seasonally soft visitor traffic, while a lower win rate and closure of the Hard Rock Hotel Singapore for renovations have further dampened results. This is within our expectations and we think the temporary setback won't affect the firm’s long-term growth story. We continue to believe Genting’s strong focus on premium lifestyle offerings and ongoing development of the “RWS 2.0” project will further strengthen its competitiveness in regional markets and drive robust sales and profit growth in mid- to long term.

Genting Singapore operates one of only two casinos in Singapore, with about 40% market share. The casino is part of Genting Singapore’s Resorts World Sentosa, a world-class integrated resort with a theme park, hotels, restaurants, and other nongaming facilities. RWS provides substantial nongaming revenue (around 25%-30% of total revenue) to Genting Singapore, having attracted more than 20 million visitors since opening in 2010. We believe RWS will continue to cement its position as a desirable destination for tourists and gamblers in Singapore, and this should ensure stable earnings growth for the firm. Singapore is Asia's second-largest gaming market and the world’s third-largest.

We raise our fair value estimate of narrow-moat Genting Singapore to SGD 1.02 per share from SGD 0.98, following the firm’s strong first-quarter results with revenue and adjusted EBITDA well above its 2019 levels. The growth momentum is ahead of our expectations. We think the visa-free travel arrangement between China and Singapore—along with rising airline capacity from key client markets and successful lifestyle offerings—have boosted traffic and spending to Genting Singapore across gaming and nongaming segments. We increase our 2024-28 revenue assumptions by 10%-15% and adjusted EBITDA by 7%-11%, to reflect a stronger-than-expected growth outlook. We believe Genting Singapore's strong focus on premium lifestyle offerings and ongoing development of the RWS 2.0 project will further strengthen its competitiveness in regional markets and drive robust sales and profit growth in the mid to long term. We think the shares are currently undervalued.

Genting Singapore’s fourth quarter was weaker than that of peer Marina Bay Sands, but we think its operating performance is still decent—revenue well exceeded its 2019 levels, underpinned by robust recovery in tourism demand. We expect Genting Singapore to extend its growth momentum into the next five years, as visa-free travel arrangements between China and Singapore, further upticks in flight capacity from its key client markets, along with new attractions, hotel rooms and lifestyle offerings to be launched in the coming years, would help boost demand across gaming and nongaming segments. We raise our 2024-28 revenue assumptions by an average of 3%, while keeping our five-year forecasts of adjusted EBITDA and net profit largely unchanged, as rising costs—including a 1% increase in the goods and services tax from 2024—will offset the revenue improvement. As such, we keep our fair value estimate at SGD 0.98 per share. We think the shares are currently fairly valued.

Genting Singapore operates one of only two casinos in Singapore, with about 40% market share. The casino is part of Genting Singapore’s Resorts World Sentosa, a world-class integrated resort with a theme park, hotels, restaurants, and other nongaming facilities. RWS provides substantial nongaming revenue (around 25%-30% of total revenue) to Genting Singapore, having attracted more than 20 million visitors since opening in 2010. We believe RWS will continue to cement its position as a desirable destination for tourists and gamblers in Singapore, and this should ensure stable earnings growth for the firm. Singapore is Asia's second-largest gaming market and the world’s third-largest.