Genting Singapore has posted a gaming revenue of SG$234.5m (US$168m) for the first quarter of the year, up 42.2 per cent quarter-on-quarter.
Singapore.- Genting Singapore has published its financial results for the first quarter of 2021, reporting a rise in gaming revenue of 42.2 per cent when compared to the previous quarter and of 8.1 per cent year-on-year.
The company posted a net profit of SG$40.4m (US$28.9m), up 17.3 per cent quarter-on-quarter and up 16.9 per cent when compared to last year. Revenue was SG$314.5m (US$225m), up 13.2 per cent year-on-year and 20.5 per cent quarter-on-quarter.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at SG$124.8m, up 80 per cent quarter-on-quarter but down 2.5 per cent when compared to Q1 2021.
The company attributed the decline to “the rise in utility expenses and the expiry of Covid-19 related government support measures.”
Genting Singapore said: “While we are encouraged by the gradual increase in footfall to our integrated resort… we anticipate that the pace of recovery in leisure travel will be moderated by the limited flight schedules, high airfares and ongoing travel restrictions on visitors from certain countries.”
As previously reported by Focus Gaming News, Yin Shao Yang, an analyst at Maybank, has said that it’s unlikely that Genting Singapore’s gross gaming revenue will return to pre-pandemic levels anytime soon due to the fact that competition in the Asian market has grown.
According to Maybank, Resorts World Sentosa‘s VIP volume will return to 83 per cent of 2019 levels by mid-2022, while mass-market will recover to 92 per cent of its prior levels next year, from 2024.
Resorts World Sentosa expansion plan to start this quarter
Genting Singapore’s Resorts World Sentosa (RWS) has confirmed it will carry out a phased refurbishment from this quarter to 2023. The plan will cover 1,200 units across its three hotels: Hard Rock Hotel Singapore, Hotel Michael and the Festive Hotel.
When completed, the Festive Hotel will be transformed into a business leisure and working holiday hotel with a variety of mobile workspaces and lifestyle offerings to reflect new work trends, Genting Singapore said.