Banking group Nomura says it expects Genting Singapore Ltd, the operator of the Resorts World Sentosa casino resort (pictured) in the city-state, to report a “better half-on-half performance” for the second half this year, “due to the seasonal peak in non-gaming revenues along with gaming revenue improvement”.

Second-half results could nevertheless be impacted by “volatility in VIP win rate,” said the institution in a Thursday memo.

“We estimate Genting Singapore’s rolling chip volume, mass-table drop, and slot handle will grow [respectively] 19 percent, 13 percent, and 8 percent year-on-year in financial-year 2024, as we expect progressive improvement in overseas visitor arrivals from China,” wrote analysts Tushar Mohata and Alpa Aggarwal.

They added: “Attractions such as Minion Land, Oceanarium, Central Lifestyle Connector, and food and beverage outlets, and the new all-suite hotel are expected by [Genting Singapore’s] management to be completed and ready for a soft opening in early 2025, providing a further growth runway next year as well.”

The casino firm reported a net profit of SGD356.9 million (US$270.4 million currently) for the first six months of 2024, up 29.0 percent from a year earlier. Revenue for the period rose by 25.5 percent year-on-year, to SGD1.36 billion.

Genting Singapore is currently progressing with a SGD6.80-billion investment to upgrade Resorts World Sentosa, with construction of a new “Waterfront development” set to start “in late 2024,” according to the company.

Resorts World Sentosa is one half of Singapore’s casino duopoly, the other half being Marina Bay Sands, run by Las Vegas Sands Corp.

Nomura’s note was issued after Las Vegas Sands published its third-quarter earnings results on Wednesday.

Marina Bay Sands recorded adjusted property earnings before interest, taxation, depreciation, and amortisation (EBITDA) of US$406 million in the three months to September 30. The company attributed the “weaker performance” compared to a year earlier to “substantial disruption” related with revamp work during the quarter.