Union Gaming Security has said that Genting Singapore, operator of Singapore’s Resorts World Sentosa, is ‘still several quarters away’ from recovery after the effects of the coronavirus pandemic.
The group suffered a net loss of $163.3m (US$119.1m) for the second quarter of 2020, the worst quarter since the opening of our Singapore Integrated Resorts, as a result of the ‘devastating effect of the Covid-19 global pandemic’ for this reporting period. The 99 per cent decline in gaming revenue at Resorts World Sentosa saw GGR fall to just S$6.5m (US$4.7m). This was the ‘worst quarterly performance since the opening’ of the Resorts World Sentosa casino in January 2010.
Analyst John DeCree said: “While some gaming markets in Asia like Macau and Cambodia are gearing up for a recovery, the near-term outlook for Singapore, and Resorts World Sentosa (RWS) specifically, remains cloudy. Currently, Resorts World Sentosa is operating at 50 per cent capacity due to social distancing procedures. Further, the casino operators are only allowed to welcome existing loyalty club members with restrictions on issuing new memberships, which is limiting local visitation and one of the reasons we are cautious on any near-term recovery right now.”
He added: “We are not expecting any meaningful recovery until international travel across Asia begins to resume more freely, which is still likely several quarters away.”