{"id":11822,"date":"2020-11-16T21:51:58","date_gmt":"2020-11-16T21:51:58","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=11822"},"modified":"2026-04-24T00:02:55","modified_gmt":"2026-04-24T03:02:55","slug":"genting-singapore-returns-to-profit-in-q3","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-singapore-returns-to-profit-in-q3","title":{"rendered":"Genting Singapore returns to profit in Q3"},"content":{"rendered":"\n

Casinos reopened in July but remain 41 per cent down in gaming revenues.<\/p>\n\n\n\n\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Gaming revenues totalled almost SG$213 million (US$158.2 million), down from SG$360.7 million (US$268 million).<\/p>\n\n\n\n

Net profits for Q3 reached SG$54.4 million (US$40.4 million), 66 per cent below the last year\u2019s third quarter, but way above the SG$163.3 million (US$121 million) loss seen in Q2 this year.<\/p>\n\n\n\n

The period saw the return of operations at Resorts World Sentosa after the Covid-19 lockdown from July 1.<\/p>\n\n\n\n

Genting Singapore said: \u201cWhilst 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.\u201d<\/p>\n\n\n\n

To boost visitation<\/a><\/em><\/strong> while travel restrictions remain in place, RWS has rolled out \u201cstaycation packages\u201d for local residents.<\/p>\n\n\n\n

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

Genting Singapore is also interested in participating in Japan’s future integrated resorts market, with a bid for a licence in Yokohama city.<\/p>\n\n\n\n

It stated: \u201cWe 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\u2019s investment criteria.\u201d<\/p>\n\n\n\n

Meanwhile, Genting Singapore has also confirmed that its indirect wholly-owned subsidiary in the British Virgin Islands, Northspring Capital, was dissolved on October 5.<\/p>\n","protected":false},"excerpt":{"rendered":"

Casinos reopened in July but remain 41 per cent down in gaming revenues.<\/p>\n","protected":false},"author":2,"featured_media":11824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Singapore reported a 50% year-on-year revenue decline for Q3 2020, with gaming revenues down 41%, despite the reopening of Resorts World Sentosa. While net profit recovered significantly from Q2 losses, it remained 66% below Q3 2019 due to weak demand. The company is proceeding with a SG$4.5 billion expansion in Singapore and evaluating a bid for an Integrated Resort license in Yokohama, Japan.","focusai_entities":"Genting Singapore, Resorts World Sentosa, Northspring Capital","focusai_location":"Singapore, Japan, Yokohama, British Virgin Islands","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.7), operator_casino (0.9), marketing_crm (0.7), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Japan IR Bid Impact","query":"What specific investment criteria will Genting Singapore apply when evaluating the Request for Proposal for the Yokohama IR, and how might current global travel restrictions influence their long-term projections for the Japanese market?"},{"label":"Capital Allocation Strategy","query":"Given the ongoing revenue challenges, what is the projected ROI and timeline for the SG$4.5 billion expansion of Resorts World Sentosa, and how will this capital expenditure be financed?"}],"footnotes":""},"categories":[163,16333],"tags":[23687,169],"class_list":["post-11822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-genting-singapore","tag-singapore"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11822"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11822\/revisions"}],"predecessor-version":[{"id":11844,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11822\/revisions\/11844"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11824"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}