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Singapore – Genting Singapore sees revenue plunge by 32 per cent

By - 9 May 2021

With COVID still gripping many of Genting Singapore’s key markets, the operator of Resorts World Sentosa saw its revenue and profit plunge in its first quarter of the year.

The Group’s first quarter 2021 revenue decreased 32 per cent as compared to the same period last year as the impact of the COVID-19 pandemic which was first felt in February 2020, continued to weigh on operational performance. For the current quarter, the Group achieved $118.1m in EBITDA, a 19 per cent decline from the $145m achieved in the first quarter of 2020. Net profit saw a 26 per cent year-on-year decrease to $34.5m, which would have been more pronounced if not for the various support measures initiated by the Singapore Government.

Liew Lan Hing, Company Secretary, said: “The tourism sector is still hobbled by the restricted travel between our traditional markets. Resumption of
our business has been a careful and calibrated process with safeguarding of public and also our team members’ health and safety as the top priority. While the global rollout of vaccines has begun, international travel continues to suffer from significant disruption due to resurgence of virus cases in several of our key source markets. It is envisaged that international visitor arrivals to Singapore, especially for leisure purposes will be unlikely to return in the near term.

To weather through this tough period, Resorts World Sentosa has been developing creative events and promotions for domestic tourists. We introduced all-in-one destination packages such as “Frolic in the Tropics” featuring tropical curated cuisines and staycation itinerary including tropical themed performance in Universal Studios Singapore by Trolls’ Guy Diamond, Poppy and Branch, and “The Sea of Tiki” at the S.E.A. Aquarium featuring the favourite dive feeding session at the iconic Open Ocean Habitat.

Mr. Hing added: “To increase vibrancy and attractiveness of RWS destination for the eventual recovery of international travel, we continue to reimagine and reinvent our IR’s offerings by building on Singapore’s position as a safe and trusted hub to create an ecosystem of differentiated business-leisure experiences around the IR. Revisions to our $4.5bn mega expansion plan (RWS 2.0) facility designs are ongoing and these include health and safety protocols to provide reassurance to our visitors and sustainable urban features in keeping with the Singapore’s vision to become a top sustainable and innovative urban destination. Meanwhile, we obtained a temporary occupation permit (TOP) for the remodeled Resorts World Theatre for the new experiential dining attraction, Once a Pirate, and will be embarking on show production and performer recruitment.”

With regards to the company’s continuing plans for Japan, he added: “In relation to the Group’s growth and geographical diversification strategy, we continue to engage with the relevant stakeholders for the Request-for-Proposal (RFP) issued by Yokohama City. Our long term vision is to create a world-class IR destination that is uniquely positioned and sustainable, and anchored on strong local partnerships.”

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