Genting Singapore Revenues Halves But Return To Profit In 3Q20

Genting Singapore revenue halves but return to profit in 3Q20. Genting Singapore has announced a profit of SG$54.4 million (US$40.4 million) in the three months to 30 September, down 66% year-on-year but reversing a loss of SG$163.3 million (US$121.2 million) in the previous quarter resulting from the COVID-19 forced closure of Resorts World Sentosa (RWS).

Despite a substantial drop in sales compared to 3Q19, the improved results were impacted by continuing border restrictions that have restricted international leisure arrivals. As a consequence of the coronavirus pandemic, RWS halted operations in early April before reopening several non-gaming outlets in late June and its casino as of 1 July.

In a quarterly update published over the weekend, Genting Singapore revealed a 50% fall in revenues to SG$301.0 million (US$223.3 million) including a 74% fall in non-gaming revenue to SG$59.9 million (US$44.4 million). Gaming revenue fell by 41% to SG$212.9 million (US$158.0 million).

While significantly down on 3Q19 results, they did represent a stark improvement over the second quarter of 2020 which saw revenues of just SG$41.3 million (US$30.6 million) and gaming revenue of just SG$6.5 million (US$4.8 million).

Adjusted EBITDA in 3Q20 fell 46% year-on-year to SG$149.0 million (US$110.5 million) but was improved from an Adjusted EBITDA loss of SG$84.9 million (US$63.0 million) in Q2.

Citing ongoing weak demand as a result of global travel restrictions, Genting Singapore said it has focused instead on reimagining its guest offerings – particularly in the non-gaming space via a range of “staycation” packages for locals combining accommodation with either theme park or restaurant experiences.

It added that S.E.A. Aquarium has “successfully bred new animal residents, some of which are listed as ‘Vulnerable’ and ‘Threatened’ in the International Union for Conservation of Nature Red List of Threatened Species.

“Visitors can admire these newborn inhabitants at the newly opened zone that journeys through three habitats – from the tropical rainforest and intertidal coastal terrains to the coral reef section,” the company said.

[image: Resorts World Sentosa]

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