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Singapore – Genting Singapore falls 16 per cent

By - 9 November 2021

Genting Singapore reported adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) of US$76.1m in its third quarter, deteriorating from the last quarter, resulting in a 31 per cent dip from the same period last year due to the series of enhanced safe management measures introduced to curb the surge of new community cases.

Such measures included reduction in group size for social gathering and prohibition of dining-in at Food and
Beverage (F&B) establishments. While most of the company’s key offerings at Resorts World Sentosa (RWS) remained
operational, these were at considerably lower levels.

Revenue at Resorts World Sentosa fell by 16 per cent year-on-year and nine per cent quarter-on-quarter to US$186.8m. GGR dropped 14 per cent compared to the second quarter to US$144.6m.

The company said: “We are encouraged by the implementation of vaccinated travel lanes (VTL) that allows business and leisure travel from designated countries. This is a significant milestone in the opening of our borders. However, in the short term, we expect minimal increase in overseas visitors’ footfall as the countries designated for this quarantine-free travel are from non-traditional source markets. At the same time, there may be an impact on the IR’s visitorship from an outflow of the local population to these countries due to the pent-up demand for international travel.”

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