KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Genting Singapore reported a strong financial performance for the first half of FY2024, with earnings increasing by 29% year-on-year to $357 million. The company achieved a revenue of $1.35 billion for the period, reflecting a 25% growth compared to the same period last year. Adjusted EBITDA also improved by 26% year-on-year, reaching $570.8 million.
Key Highlights:
Gaming and Non-Gaming Revenue Growth: Gaming revenue rose by 28% year-on-year to $957.6 million, while non-gaming revenue grew by 19% to $333.2 million, contributing to the overall positive financial results.
Challenges in 2QFY2024: Despite the strong first-half performance, Genting Singapore faced some headwinds in the second quarter of FY2024. Geopolitical issues, along with high transport and accommodation costs, impacted growth. Adjusted EBITDA for 2QFY2024 was lower at $201.3 million, due to seasonal factors, a significantly lower VIP hold than in the first quarter, and the temporary closure of Hard Rock Hotel for renovations and rebranding.
Upcoming Attractions at Resorts World Sentosa (RWS): In the second half of FY2024, RWS plans to launch four major intellectual property (IP) partnerships. These include:
- Mega Minions from Illumination’s Despicable Me 4 at Universal Studios Singapore.
- Genshin Impact at S.E.A. Aquarium.
- Netflix’s Sweet Home at Universal Studios Singapore Halloween Horror Nights.
- Harry Potter: Visions of Magic, making its Asian debut at RWS in October.
These new attractions are expected to boost visitor numbers and spending at RWS.
RWS 2.0 Expansion Plan: The first phase of the RWS 2.0 mega expansion, which includes Illumination’s Minion Land, the Singapore Oceanarium, the Central Lifestyle Connector, and an all-suite hotel replacing the Hard Rock Hotel, is on track for a soft opening in early 2025. Additionally, construction for two new luxury hotels as part of the Waterfront development is expected to begin in the fourth quarter of this year.
Market Response: Shares in Genting Singapore closed 1.5 cents higher, or 1.87% up, at 81.5 cents on August 14.
Genting Singapore's solid financial results and the planned roll-out of new attractions and expansions at RWS are poised to drive future growth, despite the challenges faced in the second quarter.
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