Genting Singapore Targets Local Market in Casino Games Recovery Strategy

Genting Singapore, the operator of Resorts World Sentosa, reported a decline in revenue for the third quarter of the year. The weak demand resulted in a 49.5% year-on-year decrease in revenue, reaching SGD$301.0m (£169.7m/€188.8m/$223.6m). Although gaming remained the main source of revenue, it also experienced a decrease of 41.0% to SGD$212.9m during the three-month period ending on 30 September. Non-gaming amenities saw a significant drop of 74.5% to SGD$59.9m, while revenue from investment and hospitality businesses increased to SGD$28.2m. Adjusted EBITDA fell 46.4% to SGD$149.0m for the quarter, and net profit declined by 65.7% to SGD$54.4m. Despite the decline, the third quarter performance showed improvement compared to the second quarter when Resorts World Sentosa was closed. In that period, revenue plummeted 93.5% to SGD$41.3m, resulting in a net loss of SGD$163.3m. Genting Singapore plans to re-imagine and re-adapt its offerings in response to the crisis faced by the travel and tourism industry in Singapore. It has introduced specially-curated staycation packages for local residents, partnered with attractions and restaurants. The company also intends to proceed with its SGD$4.5bn expansion project to strengthen its position as a leading leisure and tourism destination in Singapore. Additionally, Genting Singapore expressed interest in bidding for one of Japan’s integrated resorts licenses in Yokohama.