Genting Singapore, operator of Resorts World Sentosa (RWS), reported revenue of SG$626.2 million (US$481 million) in the first quarter of 2025, down 20% year-on-year although 2% higher than in 4Q24 on seasonality.
The subdued results, which came in slightly below expectations, were largely attributed to lower hotel inventory while the company upgrades its offering as well as a weakened macro environment. Gaming revenue of SG$437.5 million (US$336 million) was down 24% year-on-year but up 5% quarter-on-quarter, while non-gaming revenue of SG$188.5 million (US$145 million) was down 10% year-on-year and 4% sequentially.
Adjusted EBITDA of SG$235.8 million (US$181 million) was also down 36% year-on-year but up 5% versus the December 2024 quarter, with net income of SG$145.0 million (US$111 million) down 41% year-on-year and up 2% quarter-on-quarter.
