Banking group Nomura estimates that Genting Singapore\u2019s earnings for the second half of the year will be \u201cat first-half 2021 levels or below.”<\/p>\n\n\n\n\n\n\n\n
Singapore.- According to Nomura,\u00a0Genting Singapore\u2019s earnings\u00a0<\/strong>for the second half will be similar to those registered during the first quarter of the year or even below that level.<\/p>\n\n\n\n Genting Singapore Ltd<\/a>\u00a0reported a\u00a0net profit of SGD88.2m (US$65m)\u00a0<\/strong>for the first quarter, which compares to a loss of SGD116.7m last year. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the first half was\u00a0SGD276.1m<\/strong>, compared to SGD66.7m in the first half of 2020.<\/p>\n\n\n\n According to analysts, since Singapore’s casino resorts are highly dependant on international tourism, there will be no recovery soon. However, the\u00a0government of Singapore<\/a>\u00a0has announced that\u00a0travel restrictions will be eased from August 20<\/strong>\u00a0for visitors coming from countries considered safe.<\/p>\n\n\n\n Sanford C. Bernstein Ltd\u00a0<\/strong>compared Genting Singapore’s RWS with Marina Bay Sands. Analysts and found that RWS did better in gaming revenue for the second quarter, up 4 per cent quarter-on-quarter while MBS saw a fall of 26 per cent.<\/p>\n\n\n\n However, Bernstein noted that non-gaming revenue at Resorts World Sentosa declined 28 per cent while Marina Bay Sands’ non-gaming revenue was down 15 per cent.<\/p>\n\n\n\n Analysts predict Genting Singapore\u2019s revenue<\/a> will reach SGD1.74bn (US$1.30bn) in 2021, and almost SGD2.11bn in 2022. In 2020, the company reported revenue of SGD69.2m (US$52.1m)<\/a>, down 89.9 per cent year-on-year.<\/strong><\/p>\n\n\n\n