Genting Singapore returns to profit in Q3

Casinos reopened in July but remain 41 per cent down in gaming revenues.

Singapore.- Genting Singapore has reported that revenue for the third quarter remained down by half compared to the same period in 2019, with gaming revenues down by 41 per cent.

The company reported SG$301 million (US$223.6 million) in revenues for the three-months ending September 30, down from SG$596 million (US$443 million) in 2019.

Gaming revenues totalled almost SG$213 million (US$158.2 million), down from SG$360.7 million (US$268 million).

Net profits for Q3 reached SG$54.4 million (US$40.4 million), 66 per cent below the last year’s third quarter, but way above the SG$163.3 million (US$121 million) loss seen in Q2 this year.

The period saw the return of operations at Resorts World Sentosa after the Covid-19 lockdown from July 1.

Genting Singapore said: “Whilst grappling with the ongoing Covid-19 pandemic, the group continues to experience weak demand and posted a 66 per cent year-on-year reduction in net profit for the third quarter of 2020.”

To boost visitation while travel restrictions remain in place, RWS has rolled out “staycation packages” for local residents.

The company has confirmed it will move forward with the SG$4.5 billion (US$3.34 billion) expansion of its facilities in Singapore.

Genting Singapore is also interested in participating in Japan’s future integrated resorts market, with a bid for a licence in Yokohama city.

It stated: “We will evaluate the conditions of the request-for-proposal and the investment environment when the formal bidding process begins and will respond with a proposal if these conditions meet the group’s investment criteria.”

Meanwhile, Genting Singapore has also confirmed that its indirect wholly-owned subsidiary in the British Virgin Islands, Northspring Capital, was dissolved on October 5.