| Genting Singapore Limited (the “Company”) wishes to provide its investors and shareholders with a quarterly business overview1 of the Company and its subsidiaries (the “Group”) in respect of the three months ended 30 September 2024, as follows: |
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| In the third quarter of 2024, the Group generated $561.9 million in revenue, a 2% decrease from the second quarter of 2024, with adjusted earnings before interest, tax, depreciation and amortisation (“Adjusted EBITDA”) of $163.9 million as compared to $201.3 million in the last quarter. |
| The quarter-on-quarter decline in the Group’s performance was mainly attributable to lower VIP rolling volume and win rate. The non-gaming business improved due to seasonality, despite the full closure of Hard Rock Hotel for renovation and re-branding, and the S.E.A. Aquarium’s weekly two-day closure for its expansion into the Singapore Oceanarium. |
| Amidst the slower recovery of international visitor arrivals to Singapore, increased competition and global uncertainty, Resorts World Sentosa (“RWS”) continued to accelerate its transformation to enhance its destination appeal and visitor experiences. |
| During the third quarter of 2024, the S.E.A. Aquarium hosted its Annual Ocean Fest in conjunction with World Oceans Day. The festival featured an underwater photography gallery by the award-winning Singaporean photographer Toh Xing Jie. The S.E.A. Aquarium also launched the Teyvat SEA Exploration in collaboration with the globally popular role-playing game Genshin Impact and captivated visitors with the wonders of marine life and the fantasy realm of anime. |
| Universal Studios Singapore launched Southeast Asia’s biggest Halloween event - Halloween Horror Nights 12, offering spine-tingling scares over 18 nights. This year’s theme, “Dark Dreams”, features two exclusive haunted houses created in collaboration with Netflix and Team Wang Design. |
| On the entertainment front, a private concert by Westlife and A Night of Star Voices 2024, have attracted nearly 10,000 fans and visitors to the resort. In November this year, RWS will host the first-ever World Chess Championship in Singapore. For the first time in the history of this 138-year-old competition, two Asian players, the reigning World Champions from China and India, will compete for the ultimate title. |
| As we progress with RWS 2.0 developments, RWS will be unveiling new and elevated visitor experiences progressively in phases. Starting with the launch of Asia’s first Harry Potter: Visions of Magic experience in November 2024, the exclusive experience will be the largest iteration of the Harry Potter interactive art experience anywhere in the world. The development of Universal Studios Singapore’s new themed zone, Illumination’s Minion Land is on target, and set to open in the first quarter of 2025. |
| We are also excited to announce that RWS has achieved a significant milestone by awarding the construction contract for the Waterfront development and work will commence in November 2024. The Waterfront development includes two new luxury hotels featuring 700 keys, a four-storey podium housing entertainment offerings, as well as retail and dining outlets. |
| Our commitment to providing exceptional experiences has been recognised. At the 33rd TTG Travel Awards 2024, RWS was inducted into the Hall of Fame for winning the Best Integrated Resort for ten consecutive years. This is the second year RWS has achieved this accolade, solidifying our position as a leading lifestyle destination in Asia Pacific. |
| On the Environmental Social and Governance (ESG) front, MSCI ESG Rating has upgraded Genting Singapore Limited (“GENS”) to the second-highest tier ‘AA’ from ‘BBB’ in its latest report dated 25 October 2024. The ‘AA’ rating positions GENS as a company leading its industry in managing the most significant ESG risks and opportunities, including GENS’ strong management practices in addressing carbon emissions, product safety and quality and corporate governance. During the third quarter of 2024, RWS was also awarded the Platinum tier under the 2024 Sustainable Events Standards by the Events Industry Council, the M&C Asia Stella Award for Best Sustainability Initiative (Hotels), and named a finalist for the Singapore Apex Corporate Sustainability Awards by the UN Global Compact Singapore. |
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| Genting Singapore Limited |
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