Singapore's gambling industry is a global leader, renowned for its world-class casinos, strict regulations, and responsible gaming initiatives. And it's been a busy time for Genting Singapore, with the group posting S$2.53bn (roughly US$1.89bn) in revenue for FY24. That's a rise of 5% compared to the previous year and a figure that tops its pre-pandemic performance. On the flipside, net profit took a small step down, slipping 5% from the prior year's S$611.6m to S$578.9m. Considering these swings, there's a lot to unpack in how changing travel patterns, inflation, and rising costs shaped the company's overall performance.
According to Genting Singapore's statements, its revenue growth covered all segments in 2024. Gaming revenue increased by 3% to S$1.70bn, while non-gaming revenue took a 7% upturn to S$826.1m, and miscellaneous income edged up 2% to S$598,000. Despite the healthy jump on the revenue side, gross profit ended up declining by 5%, from S$882.8m in 2023 to S$836.1m in 2024. Operating profit dipped by 6%, and adjusted EBITDA decreased by 6% to S$960.1m.
It's not just Genting, the whole igaming world in South East Asia is huge. Statista reports that the Asia-Pacific iGaming market generated around US$5.41 billion in revenue in 2023. Analysts expect this figure to climb to approximately US$7.51 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.63%. A piece by Alexander Reed mentions no account casinos, which offer convenient features such as free spins, welcome bonuses, and speedy withdrawals—without the usual sign-up steps. It's no surprise why iGaming is experiencing revenue boosts.
Genting Singapore explained that the lower profit numbers were largely driven by ongoing inflation and higher operational costs. Interestingly, the fourth quarter provided a notable lift to adjusted EBITDA—up 37% from the previous quarter—thanks in part to gaming performance and a solid hold rate. This seems to mirror the broader trend in regional gaming, where cost pressures and currency shifts can temper revenue gains in some quarters while boosting them in others.
On the topic of visitor arrivals, the group pointed out that tourism in Singapore "recovered strongly" throughout the year, especially from key markets around Asia. The Singapore Tourism Board published data showing that the city-state welcomed more than 16.5 million travelers in 2024. This steady influx likely helped Genting Singapore's segments, particularly its non-gaming attractions, which saw the biggest jump in revenue.
Meanwhile, some other industry players haven't had the same luck. For instance, SkyCity Entertainment released its 1H25 results recently, revealing a drop in revenue, EBITDA, and NPAT. In contrast, Genting Singapore's overall revenue line kept climbing, which indicates the company did a good job of capitalizing on Singapore's rebound in international arrivals.
Though this rebound played in Genting Singapore's favor, net profit still took a small hit. One reason could be that as travel ramps up, companies often reinvest in upgrades, marketing, and expansions to handle the extra demand. Genting Singapore signaled its intention to automate and streamline processes at Resorts World Sentosa while also looking at new technological tools—plans that might carry added costs in the short run but could lead to better margins later.
Bain Capital's move to take over operational control of the Inspire Entertainment Resort in Korea also made headlines this week. It's another sign that major global investors see long-term potential in the region's resort and hospitality sector. This kind of activity across Asia's travel market may be a factor in how Genting Singapore strategizes for the coming year.
From what we've seen, Genting Singapore seems to be walking a fine line: riding a wave of strong tourism while managing cost challenges. It remains to be seen how the rest of FY25 will stack up. According to the group, big investments in technology upgrades are due this year and next, with the aim of fine-tuning visitor experiences. That could improve profit margins and keep revenue on an upward path—if rising costs don't overshadow those gains.
Article edited by Jerry Chen
