Genting Singapore reports 50% Q3 revenue decline

By Peter Lynch

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

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."


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