Resorts World Sentosa Casino Resort (pictured) operator Genting Singapore Inc Genting said its net profit rose 29.0% year-over-year to 356.9 million Singapore dollars ($271.4 million) in the first half of 2024.

Revenue for the period rose 25.5% year-on-year to S$1.36 billion, according to data filed on Wednesday.

Adjusted earnings (EBITDA) for the first half of the year before interest, taxes, depreciation and amortization stood at S$570.8 million, up 26.2% from a year earlier.

Q2 Adjusted EBITDA decreased 45.5% to 201.3 million SGD compared to 369.5 million SGD in the previous quarter. 파워볼사이트

Morgan Stanley Asia said in June that it expects Resorts World Centos to see a sequential decline in second-quarter EBITDA due to “seasonality, a drop in visits compared to the previous quarter, and a 23% decrease in the number of rooms in operation.”

The agency had previously flagged that Resorts World Sentosa’s 2024 gaming volume “may be limited to a reduction of 400 hotel rooms after hard lock closures.”

It was a reference to the hotel brand’s closure on March 2 as Genting Singapore made a S$6.8 billion investment to upgrade the complex.

On Wednesday, Genting Singapore proposed a phase one tax-free interim dividend of SGD0.02 per common share, representing just 241.5 million SGD. The dividend is due on Sept. 18.

The casino company posted a 28.2% year-over-year increase in gaming revenue to S$95.76 million in the first half of 2024. Judging sequentially, gaming revenue fell 33.8% to S$38.16 million.

Investment analysts noted that “very high” holdings in the VIP gambling sector helped Genting Singapore’s business performance in the first three months of 2024.

Non-gaming sales in the first half of the year were up 20.3% from a year ago at S$393.2 million. Such non-gaming sales were down 11.2% quarter-on-quarter to S$184.9 million.

“We have maintained a steady number of visitors through concerts and special programs during the second quarter of 2024,” Genting Singapore said in a filing to the Singapore Exchange on Wednesday.

“While we expect Singapore visitor numbers to rise, a full recovery to pre-pandemic levels could face headwinds from a recovery in local destinations and heightened geopolitical tensions,” it added.