Casino operator Genting Singapore Ltd.'s pre-tax net profit rose in the first quarter from the previous quarter and from the same period a year earlier.
Such first-quarter revenue was S$247.4 million (US$182.8 million), up 108.6% quarter-on-quarter compared to S$118.6 million in the fourth quarter, and up 91.5% compared to S$129.2 million achieved in the first three months of 2023.
This represents S$576 million in gaming revenue for the first quarter of 2024, up 69.5% year-over-year and up 30.6% quarter-over-quarter.
Non-gaming sales in the first quarter were up 44.2% year-over-year to S$288.3 million, almost flat compared with S$260.1 million in the fourth quarter.
Adjusted net income (EBITDA) in the first quarter before interest, taxes, depreciation and amortization was S$369.5 million, an improvement of 92.7% year-over-year, and an increase of 62.2% in the fourth quarter.
"Visitor and tourism spending is increasing during the Chinese New Year holiday and enjoying notable benefits from the easing of visa restrictions between China and Singapore that took effect in February 2024," Resorts World Sentosa said in a filing to the Singapore Exchange on Friday.
Resorts World Sentosa accounts for half of Singapore's casino monopoly, with the other half being Marina Bay Sands, run by Las Vegas Sands.
Genting Singapore's Q1 review also provided some updates on new non-gaming elements.
It is intended to host the 'Asia premiere' of 'Harry Potter' at the end of 2024. 'Magic Vision' is a 40,000-square-foot (3,716-square-meter) interactive exhibition
Genting Singapore added: "On May 10, Resorts World Sentosa signed a memorandum of understanding with Sentosa Development Corporation, DBS Bank, and Singapore Tourism Authority to establish a collaborative Sentosa district partnership." 파워볼사이트
The company added, "All of these initiatives will pave the way to transform Resort World Sentosa's destination appeal."
Construction work on the new Minion Land, Singapore's Oceanium and Central Lifestyle Connectors (a revamp and expansion of the area with restaurants and shops formerly known as forums) is expected to "open in phases from the first quarter of 2025," the update said.
"The tender for the development of a new waterfront, including two hotels with a total of 700 rooms, is underway in the third quarter of this year, with on-site construction expected to begin in the fourth quarter of this year," Genting Singapore added
The company also noted: "The former Hard Rock Hotel, which closed in March 2024, is undergoing major renovations and will relaunch as a new all-suite luxury hotel in early 2025."