Genting Singapore has reported that revenue dropped 32 per cent year-on-year to SGD277.9m.<\/p>\n\n\n\n\n\n\n\n
Singapore.- Genting Singapore has published financial results for the first quarter of 2021<\/strong>, reporting a\u00a0decrease in revenue of 32 per cent year-over-year<\/strong> and 12 per cent compared to the previous quarter.<\/p>\n\n\n\n Adjusted EBITDA<\/strong> came in at SGD118.1m,\u00a0down 19 per cent from the SGD145m\u00a0<\/strong>in the first quarter of 2020.\u00a0<\/p>\n\n\n\n Casino sales were up 2 per cent when compared to the previous quarter<\/strong>, from SGD213.5m to SGD216.9m but down 19 per cent from 2020 levels<\/strong>.<\/p>\n\n\n\n Despite the slight increase in casino sales thanks to domestic business after properties reopened, the casino operator is highly dependant on international tourism<\/strong>.\u00a0<\/p>\n\n\n\n As such, Genting Singapore said the impact of the Covid-19 pandemic<\/strong>\u00a0continued to weigh on operational performance.<\/p>\n\n\n\n The company has started to\u00a0develop creative events and promotions for domestic tourists.<\/strong><\/p>\n\n\n\n Hong Kong<\/strong>\u00a0has recently announced an\u00a0air travel bubble<\/strong>\u00a0will begin with Singapore from May 26, which could provide some relief.<\/p>\n","protected":false},"excerpt":{"rendered":" Genting Singapore has reported that revenue dropped 32 per cent year-on-year to SGD277.9m.<\/p>\n","protected":false},"author":176,"featured_media":17661,"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 32% year-on-year revenue decline to SGD277.9m and a 19% drop in Adjusted EBITDA for Q1 2021, primarily due to its high dependency on international tourism amidst the ongoing pandemic. While domestic casino sales saw a slight quarter-on-quarter increase, the company's overall operational performance remains challenged, with potential relief from the upcoming Hong Kong-Singapore air travel bubble.","focusai_entities":"Genting Singapore","focusai_location":"Singapore, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), marketing_crm (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Q2 Revenue Outlook","query":"What is Genting Singapore's projected NGR and EBITDA for Q2 2021, considering the anticipated impact of the Hong Kong-Singapore air travel bubble and continued domestic market initiatives?"},{"label":"Diversification Strategy","query":"How is Genting Singapore strategically diversifying its revenue streams and reducing its reliance on international tourism to mitigate future exogenous shocks, beyond current domestic promotions?"}],"footnotes":""},"categories":[157,16333],"tags":[23687,23907],"class_list":["post-17660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-genting-singapore","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/17660","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=17660"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/17660\/revisions"}],"predecessor-version":[{"id":17691,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/17660\/revisions\/17691"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17661"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=17660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=17660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=17660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}