Genting Singapore has published its financial results for the entire 2024 fiscal year.
Over the past year, the company generated S$2.53 billion (US$1.89 billion) in revenue, marking a 5% increase compared to the previous year.
A detailed breakdown of revenue shows growth across all segments in 2024. Gaming revenue rose 3% to S$1.70 billion, while non-gaming revenue saw the highest increase, climbing 7% to S$826.1 million. Other revenue grew by 2%, reaching S$598,000.
Despite this revenue growth, Genting Singapore experienced a decline in profitability. Gross profit fell 5% year-on-year to S$836.1 million, while operating profit dropped 6% to S$727.2 million. Net profit decreased from S$611.6 million in FY23 to S$578.9 million in FY24.
Adjusted EBITDA also declined, slipping 6% to S$960.1 million compared to the previous year.
The company noted that revenue has surpassed pre-pandemic levels. However, the decline in adjusted EBITDA for 2024 was attributed to rising costs and inflationary pressures. Notably, adjusted EBITDA in the fourth quarter jumped 37%, driven by strong performance in the gaming segment.
Genting Singapore highlighted a significant rebound in the country’s tourism sector throughout the year, driven by a surge in international visitors from key markets.
Meanwhile, in other developments across Asia, Bain Capital has assumed operational control of the Inspire Entertainment Resort in South Korea this week.
Source:
https://www.gamblinginsider.com/news/28448/genting-singapore-revenue-up-5-to-s253bn-for-fy24
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