Despite suffering from the pandemic, Genting Singapore managed to stay in the black for the year ended Dec 2020.
From earnings of $688.6 million recorded in FY2019, the casino operator reported a 90% plunge in earnings to just $69.2 million. Revenue in the same period was down 57% y-o-y to $1.06 billion, from $2.48 billion recorded in FY2019.
The company has also cut its dividend to just one cent a share, from 2.5 cents in the year earlier.
Even with the hit from the pandemic, the company is maintaining a healthy cash hoard of $3.99 billion as at Dec 31 2020, up slightly from $3.95 billion the year earlier.
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“We are most grateful to the Singapore Government for providing various support measures in assisting our resort to weather through this crisis,” says the company in its earnings commentary.
“Notwithstanding the Government helping us and the group’s implementation of cost containment measures, the effects of the COVID-19 global pandemic to our businesses was still devastating,” the company says, adding that FY2020 was its worst year since it opened for business in 2010.
While there’s partial return to normal operations for now, Genting Singapore remains “cautious” of the travel and tourism sector’s recovery.
The company will continue to pursue its $4.5 billion planned expansion of Resorts World Sentosa.
Outside of Singapore, the company says it remains committed to take part in the integrated project in Japan’s Yokohama.
Genting Singapore shares closed Feb 9 at 89 cents, up 0.56%.
