Published
Financial

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.

gentinglogo

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.”

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Soft2Bet
Scientific Games
Digitain Malta
Follow Us

Facing Facts: Q3 2024 analysis

Gambling Insider takes a look at the Q3 results of operators...

Taking stock: The final count of 2024

Gambling Insider tracks operator and supplier prices of some...

CEO Special: Flutter CEO Peter Jackson – Playing to win

As the biggest publicly traded operator in gambling meets th...

CEO Special: Holland Casino CEO Petra de Ruiter – High flier

Petra de Ruiter, Holland Casino CEO, speaks to Gambling Insi...

A welcome from your host

A message from the Founder of the Global Gaming Awards and G...

From the event manager

A message from the Event Manager of the Global Gaming Awards...

From the Awards adjudicator

KPMG in the Crown Dependencies is the official voting adjudi...

The process

The Global Gaming Awards have deservingly earned the reputat...