{"id":8777,"date":"2020-08-06T23:11:56","date_gmt":"2020-08-06T23:11:56","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=8777"},"modified":"2026-04-24T02:59:43","modified_gmt":"2026-04-24T05:59:43","slug":"genting-singapore-reports-devastating-results","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-singapore-reports-devastating-results","title":{"rendered":"Genting Singapore reports \u201cdevastating\u201d results"},"content":{"rendered":"\n

The operator says its timeline for the expansion of Resorts World Sentosa will be affected but that it remains interested in Yokohama’s IR project.<\/p>\n\n\n\n\n\n\n\n

Singapore.- Casino operator Genting Singapore has posted financial results showing a 98 per cent decline in EBITDA for the first six months of 2020 to S$13.3 million (US$ 9.7 million), and a net loss of S$116.7 million (US$85.2 million).<\/p>\n\n\n\n

Genting Singapore\u2019s casinos and attractions were shut from April 6 to June 30<\/a><\/em><\/strong> due to the Covid-19 pandemic.<\/p>\n\n\n\n

In a release the company said: \u201cDespite the swift implementation of a series of cost containment measures including payroll rationalisation as well as other productivity initiatives, the impact of suffering almost zero revenue during the temporary closure period in the second quarter 2020 was devastating\u201d.<\/p>\n\n\n\n

For the second quarter, the company reported a loss of SG$163.3 million (US$119.1 million) in the three months to 30 June 2020, and a 99 per cent decline in gaming revenue at Resorts World Sentosa to SG$6.5 million (US$4.7 million).<\/p>\n\n\n\n

The firm said in a release that it was \u201cthe worst quarterly performance since the opening of our Singapore Integrated Resorts.\u201d<\/p>\n\n\n\n

It added: \u201cFor the rest of the year, the group remains pessimistic on the overall financial performance as global travel remains highly restrictive.\u201d<\/p>\n\n\n\n

The company said it was working closely with local authorities to continue its $4.5 billion (US$3.28 billion) investment in the expansion of Resorts World Sentosa.<\/p>\n\n\n\n

It said: \u201cThe timeline of the project will however be impacted due to design changes required<\/a><\/em><\/strong> by safety management measures and disruption to the construction industry and global supply chain caused by the pandemic. It is also envisioned that new design changes will be necessary to adapt to the post Covid-19 environment.\u201d<\/p>\n\n\n\n

The group also confirmed its participation in the request-for-Concept process for a potential IR in Yokohama city, Japan. It said it would monitor developments in anticipation of the launch of Request-for-Proposal (RFP) process in the second half of 2020.<\/p>\n\n\n\n

Genting Singapore also announced some changes to its Board. It announced the resignation of 80-year-old Koh Seow Chuan as Independent Non-Executive Director, Chairman of the Nominating Committee and member of the Audit and Risk Committee and the Remuneration Committee. He is retiring after serving on the board since 2008.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

The operator says its timeline for the expansion of Resorts World Sentosa will be affected but that it remains interested in Yokohama’s IR project.<\/p>\n","protected":false},"author":2,"featured_media":0,"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 98% decline in H1 2020 EBITDA and a net loss, primarily due to COVID-19 related closures impacting Resorts World Sentosa. The pandemic will delay the $4.5 billion expansion of Resorts World Sentosa, requiring design adaptations for post-COVID environments. Despite these challenges, Genting Singapore reaffirms its interest in the Yokohama IR project in Japan.","focusai_entities":"Genting Singapore, Resorts World Sentosa, Koh Seow Chuan","focusai_location":"Singapore, Yokohama, Japan","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Post-COVID IR Design?","query":"What specific design changes are being considered for Resorts World Sentosa to adapt to a post-COVID-19 operating environment, and what is the revised timeline for the $4.5 billion expansion?"},{"label":"Yokohama IR Strategy?","query":"How does Genting Singapore's current financial performance and capital allocation strategy for Resorts World Sentosa impact its competitive positioning and bid strategy for the Yokohama IR project?"}],"footnotes":""},"categories":[163,16333],"tags":[23687,169,909],"class_list":["post-8777","post","type-post","status-publish","format-standard","hentry","category-finance-news","category-south-east-asia-news","tag-genting-singapore","tag-singapore","tag-yokohama"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8777","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=8777"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8777\/revisions"}],"predecessor-version":[{"id":8785,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8777\/revisions\/8785"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=8777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=8777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=8777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}