Published
Land-BasedCasinoFinancial

Genting Singapore reports 50% Q3 revenue decline

Genting Singapore has reported revenue of SG$301m (US$223.3m) for the third quarter of 2020, a 50% year-on-year decline.

shutterstock_1165908007

Non-gaming revenue fell 74% to SG$59.9m, with gaming revenue falling 41% to SG$212.9m.

The operator also reported profit of SG$54.4m, which represents a 66% year-on-year decrease.

Genting says the decrease in revenue from 2019 has been a direct result of the forced closure of its flagship casino Resorts World Sentosa (RWS) due to the ongoing COVID-19 pandemic.

Strict border restrictions in Singapore, meanwhile, have limited international leisure arrivals, further damaging Genting’s operations.

RWS suspended all operations in April, before reopening some non-gaming outlets and its casino in June and July respectively.

Despite the decline in revenue, Genting is already looking to the future, firstly by reimagining its guest offerings in the non-gaming space, and secondly by confirming its intention to complete the SG$4.5bn expansion of RWS.

A statement from the company read: "As part of our journey towards eventual recovery of tourism, the group is seizing this period of adversity to re-imagine and re-adapt our guest offerings. 

"For example, with travel restrictions still in place and the festive season around the corner, RWS has rolled out specially curated staycation packages for local residents by pairing up our uniquely themed destination hotels with trips to our attractions or dining experience at our award-winning restaurants.

"Looking ahead, the group’s growth strategy includes our commitment to develop the $4.5bn mega expansion in Singapore."


Asia News Sponsor
Premium+ Connections
Premium

GammaStack

 
Premium

RISK

 
Premium

Sport Generate

 
Premium

Digitain

 
 
Premium

Imagine Live

 
Premium

1xBet Partners

 
Premium

Lynon

 
Premium

Galaxsys

 
Premium

Revsharks

 
Premium

PIN-UP Partners

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...