Genting Singapore revenue down 32% in Q1

Genting Singapore has reported that revenue dropped 32 per cent year-on-year to SGD277.9m.

Singapore.- Genting Singapore has published financial results for the first quarter of 2021, reporting a decrease in revenue of 32 per cent year-over-year and 12 per cent compared to the previous quarter.

Adjusted EBITDA came in at SGD118.1m, down 19 per cent from the SGD145m in the first quarter of 2020. 

Casino sales were up 2 per cent when compared to the previous quarter, from SGD213.5m to SGD216.9m but down 19 per cent from 2020 levels.

Despite the slight increase in casino sales thanks to domestic business after properties reopened, the casino operator is highly dependant on international tourism. 

As such, Genting Singapore said the impact of the Covid-19 pandemic continued to weigh on operational performance.

The company has started to develop creative events and promotions for domestic tourists.

Hong Kong has recently announced an air travel bubble will begin with Singapore from May 26, which could provide some relief.