Genting Singapore reported a 29% year-on-year increase in profit for the first half of fiscal 2024, reaching S$357 million ($263 million)driven by strong growth in both gaming and non-gaming segments.

The company reported revenue of S$1.35 billion ($1 billion) in the six months to June, an increase of 25%. compared to the same period last year. Adjusted EBITDA increased by 26% year-on-year to S$570.8 million ($433.5 million).

Gaming revenue increased 28% year-on-year to S$957.6 million ($727.2 million).while non-gaming revenue increased 19% to S$333.2 million ($253 million), driven by increased visitor numbers and spending at Resorts World Sentosa (RWS)the company’s integrated flagship resort.

However, Genting Singapore faced challenges in the second quarter as adjusted EBITDA fell to 201.3 million Singapore dollars from 367 million Singapore dollars in the first quarter.due to seasonal factors, lower VIP numbers and the temporary closure of the Hard Rock Hotel for renovation and rebranding.

Despite these headwinds Company remains optimistic for the second half of the year of the financial year. RWS is four major intellectual property partnershipsincluding “Mega-minions” of Illumination’s “Despicable Me 4” at Universal Studios Singapore and the Asian debut of “Harry Potter: Visions of Magic.” These initiatives are expected to lead to an increase in visitor numbers and spending.

The first phase of RWS 2.0, Genting Singapore’s extensive redevelopment project, is on track for a soft opening in early 2025.This phase includes the introduction of Illumination’s Minion Land and the Singapore Oceanarium, as well as other enhancements such as the Central Lifestyle Connector and a new all-suite hotel.

Genting Singapore said: “Together, these transformation projects will take RWS to a whole new level by offering a greater variety of offerings and experiences for visitors.” In addition, construction of the Waterfront project, which includes two new luxury hotels, is expected to begin in the fourth quarter of this year.”