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SINGAPORE – Genting Singapore posted a net profit of $ 54.4 million for the three months to September 30 from a net loss of $ 163.3 million in the prior quarter after Resorts World Sentosa (RWS) reopened to visitors in early July when the nation entered phase two of its gradual reopening.
However, year-over-year, the continued absence of inbound tourists due to Covid-19 travel restrictions was deeply felt, as earnings fell 66 percent from $ 158.9 million in the third quarter of 2019, while the revenue was cut in half to $ 300.1 million. showed the company’s third-quarter business update on Saturday (Nov. 14).
Local players returning to the casino at RWS generated gaming revenue of $ 212.9 million for the third quarter, compared to $ 6.5 million in the prior quarter when the circuit breaker measures were in effect.
Casino operator Marina Bay Sands (MBS) also reported a quarter-on-quarter rally. Its October third-quarter results showed that MBS generated a profit of $ 70 million (S $ 94.4 million), 84 percent less than a year ago, but a huge reversal of the $ 113 million loss it made. suffered in the second trimester.
Still, Genting Singapore’s gaming revenue in the third quarter was 41 percent lower than the $ 360.8 million in the prior year period.
With visitors slowly returning to Universal Studios Singapore and SEA Aquarium as of July 1, non-gaming revenue increased to $ 59.9 million, from $ 16.3 million in the prior quarter. But year-over-year, these revenues fell 74 percent from $ 234.6 million previously.
RWS laid off about 2,000 employees in July, The Straits Times reported, most of whom were foreigners. The company did not give the cut number. Genting Singapore had around 9,400 employees in 2019, when just over seven in 10 were Singaporean citizens or permanent residents.
In its business update, the company said that with travel restrictions still in effect and the holiday season just around the corner, RWS has implemented specially selected stay packages at its hotels for locals, as well as themed dining experiences.
Genting Singapore reiterated its commitment to develop the $ 4.5 billion mega expansion for RWS, which was announced last year.
The company also said it is “enthusiastically exploring” the Yokohama Integrated Complex (IR) opportunity in Japan as part of its geographic diversification strategy.
But he added that “we will assess the conditions of the request for proposal and the investment environment when the formal bidding process begins and we will respond with a proposal if these conditions meet the group’s investment criteria.”
Inside Asia Gaming said on Saturday that there has been some uncertainty surrounding RI’s Yokohama plans, with a local opposition group claiming to have gathered enough signatures from residents to call a referendum on the matter.
Two major international candidates also dropped out of the race in 2020, with Las Vegas Sands citing overly restrictive regulations and Wynn Resorts closing its Yokohama office to focus on recovering from Covid-19 in its key markets of Macau and the United States.
Shares of Genting Singapore closed unchanged on Friday at 74.5 cents, up 46% from their annual low of 51 cents in March.
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