Genting Singapore posts a net profit of US$65.0m for H1

Singapore will ease travel restrictions from August 20.
Singapore will ease travel restrictions from August 20.

Genting Singapore has reported a net profit of SGD88.2m (US$65m) for the first half of 2021.

Singapore.- Genting Singapore Ltd has shared its financial results for the first half of the year, reporting a net profit of SGD88.2m (US$65m), which compares to a loss of SGD116.7m last year.

The company reported revenue was up 23.8 per cent to SGD554.8m when compared to the first half of 2020, while gaming revenue in the first half of 2021 came in at SGD442.9m, up 61.4 per cent year-on-year.

The company attributed the growth to the temporary closure of Resorts World Sentosa from April 6 to June 30, 2020 due to the Covid-19 pandemic.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the first half of the year was SGD276.1m, compared to SGD66.7m in the first half of 2020.

Despite the slight increase in casino sales thanks to domestic business after properties reopened, the casino operator remains highly dependant on international tourism. The company has started to develop creative events and promotions for domestic tourists.

Analysts predict Genting Singapore’s revenue will reach SGD1.74bn (US$1.30bn) in 2021, and almost SGD2.11bn in 2022. In 2020, the company reported revenue of SGD69.2m (US$52.1m)down 89.9 per cent year-on-year.

Resorts World Sentosa will continue operating at reduced capacity until August 18.

In June, Genting Singapore announced it has entered into a partnership with Sega Sammy to build an integrated resort in Yokohama.

Genting Singapore said it will be leading the consortium of Japanese partners to create “a world-class IR destination that is strategically positioned, sustainable and anchored on strong local collaborations.”

Maybank Research has said it believes Genting Singapore is well-positioned to win Yokohama’s IR bid. According to analysts, Yokohama’s planned IR development could generate a gross gaming revenue (GGR) of nearly US$7bn a year and US$2.7bn in net profit.

Yokohama has mayoral elections coming up this month and only two candidates are in favour of developing an integrated resort in the city.

Singapore travel restrictions to be eased from August 20

The government of Singapore has announced that travel restrictions will be eased from August 20 for visitors coming from countries considered safe. Those who arrive in Singapore will have to undergo a 14-day quarantine in their respective residences or accommodation of their choice.

Authorities also announced that people who have been fully vaccinated and have a work pass may enter from August 10.

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