Genting Singapore EBITDA to remain below 2019 levels for two years

Genting Singapore isn't expected to return to pre-pandemic levels for at least two years.
Genting Singapore isn't expected to return to pre-pandemic levels for at least two years.

Moody’s Investors Service estimates that Genting Singapore’s EBITDA will not reach 2019 levels this year or next.

Singapore.- According to Moody’s, Genting Singapore’s earnings before interest, taxation, depreciation and amortisation (EBITDA) will increase in 2021 and 2022 but remain below pre-pandemic levels.

As long as travel restrictions and countermeasures continue, recovery prospects for the casino operator remain low.

Analysts predict Genting Singapore’s revenue for 2021 will be SGD1.74bn (US$1.30bn) and in 2022 almost SGD2.11bn.

Moody’s has given the casino operator a A3 issuer rating. According to analysts, the company has “excellent liquidity, with a history of a strong net cash position, which helps to buffer against the weak operating environment as international travel remains restricted.”

However, they believe the casino operator shows signs of vulnerability as it only has operations in only one location.

Genting Singapore Ltd belongs to Genting Bhd and is the operator of the Resorts World Sentosa casino resort.

In 2020, the company reported revenues of SGD69.2m (US$52.1m) in 2020, down 89.9 per cent year-on-year.

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