Genting Singapore has reported a net profit of SGD88.2m (US$65m) for the first half of 2021.<\/p>\n\n\n\n\n\n\n\n
Singapore.-\u00a0Genting Singapore Ltd<\/strong>\u00a0has shared its financial results for the first half of the year, reporting a\u00a0net profit of SGD88.2m (US$65m)<\/strong>, which compares to a loss of SGD116.7m last year.<\/p>\n\n\n\n The company reported\u00a0revenue was up 23.8 per cent to SGD554.8m<\/strong>\u00a0when compared to the first half of 2020, while gaming revenue in the first half of 2021 came in at SGD442.9m, up 61.4 per cent year-on-year.<\/p>\n\n\n\n The company attributed the growth to the\u00a0temporary closure of Resorts World Sentosa from April 6 to June 30, 2020<\/strong> due to the Covid-19 pandemic.<\/p>\n\n\n\n Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the first half of the year was SGD276.1m<\/strong>, compared to SGD66.7m in the first half of 2020.<\/p>\n\n\n\n Despite the slight increase in casino sales thanks to domestic business after properties reopened,\u00a0the casino operator remains highly dependant on international tourism<\/strong>.\u00a0The company has started to\u00a0develop creative events and promotions for domestic tourists.<\/strong><\/p>\n\n\n\n Analysts predict\u00a0Genting Singapore\u2019s revenue<\/a>\u00a0will reach SGD1.74bn (US$1.30bn) in 2021, and almost SGD2.11bn in 2022. In 2020, the company reported\u00a0revenue of SGD69.2m (US$52.1m)<\/a>,\u00a0down 89.9 per cent year-on-year.<\/strong><\/p>\n\n\n\n Resorts World Sentosa<\/a> will continue operating at reduced capacity until August 18.<\/p>\n\n\n\n In June,\u00a0Genting Singapore<\/a>\u00a0announced it has entered into a partnership with Sega Sammy to build an integrated resort in Yokohama.<\/p>\n\n\n\n Genting Singapore said it will be leading the consortium of Japanese partners to create \u201ca world-class IR destination that is strategically positioned<\/strong>, sustainable and anchored on strong local collaborations.\u201d<\/p>\n\n\n\n Maybank Research has said it believes\u00a0Genting Singapore<\/strong>\u00a0is well-positioned to win\u00a0Yokohama\u2019s IR bid<\/a>. According to analysts, Yokohama\u2019s planned IR development could\u00a0generate a gross gaming revenue (GGR)<\/strong>\u00a0of nearly US$7bn a year and\u00a0US$2.7bn in net profit<\/strong>.<\/p>\n\n\n\n