Genting Singapore sees Q2 gaming revenue plunge by 99%
Genting Singapore has seen its Q2 gaming revenue plunge 99% year-on-year as a result of its properties shutting for more than two months due to the coronavirus pandemic.
The Singapore arm of Genting Group saw gaming revenue plummet down to SG$6.5m (US$4.7m) for the quarter ending 30 June, while total group revenue fell 94%, to SG$41.3m.
The group’s casinos and attractions, including Resorts World Sentosa’s Universal Studios Singapore, S.E.A Aquarium, Adventure Cove Waterpark and Dolphin Island sites, were closed between 6 April and 30 June, because of the pandemic.
That led to a loss for the quarter of SG$163.3m, compared to a profit of SG$168.4m in the same period last year.
Adjusted EBITDA declined from SG$294.4m in 2019, down to SG$84.9m for Q2 2020.
Despite several of the group’s properties reopening from June, including its casino for members in early July, Genting Singapore said it “remains pessimistic on the overall financial performance”, especially as global travel remains restricted.
The group added: “Despite the swift implementation of a series of cost containment measures including payroll rationalisation as well as other productivity initiatives, the impact of suffering almost zero revenue during the temporary closure period in the second quarter 2020 was devastating.”
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