Restrictions and border closures caused revenue to plummet for the Singapore casino operator.
Singapore.- Casino operator Genting Singapore has reported that full-year revenue for 2020 fell by nearly 90 per cent, resulting in the “worst financial performance” since the opening of its Resorts World Sentosa property in 2010.
The company brought in revenues of SGD69.2m (US$52.1m), a drop of 89.9 per cent year-on-year.
Gaming revenue fell by 56.7 per cent to SGD700.8m. Most of the gaming revenue earned came in the second half of 2020 (SGD426.4m) up 55.4 per cent compared to the first six months of the year.
Non-gaming revenue in 2020 reached SGD299.4m, down 65.1 per cent compared to SGD857.9m in 2019.
Genting attributed the loss of revenues to the Covid-19 pandemic, stating: “The rest of financial-year 2020 was very negatively impacted by regulatory restrictions, border closures and operating capacity [issues] due to the Covid-19 pandemic.”
Company execs said it was evident that international travel was unlikely to return to pre-pandemic levels anytime soon.
To boost visitation while travel restrictions remain in place, its Resorts World Sentosa property rolled out “staycation packages” for local residents.