Genting Singapore has reported a 26% y-o-y decline in net profit after tax to $34.5 million for the 1QFY2021 ended March.
The decline in net profit follows lower revenue, which fell 32% y-o-y to $277.9 million. Gaming revenue fell 19% or $51 million y-o-y to $216.9 million, while non-gaming revenue fell 56% or $77.8 million y-o-y to $60.7 million.
Genting Singapore’s EBITDA for the period was $118.1 million, down 19% y-o-y.
In its quarterly business review dated May 7, Genting Singapore attributes the lower revenue and profit to the pandemic which continues to affect the travel and tourism sectors. The company also notes that the decline in net profit would have been larger were it not for the various support measures initiated by the Singapore Government, though it did not specify the amount of grants or financial support received for the quarter.
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Genting Singapore expects international visitors are “unlikely to return in the near term” given the resurgence of Covid-19 cases in its key source markets. In the meantime, it highlights that Resorts World Sentosa (RWS) has been developing events and promotions aimed at luring domestic tourists.
RWS is also focusing on reinventing its integrated resort offerings, with ongoing revisions to the facility designs under its $4.5 billion proposed mega expansion plan (RWS 2.0), which includes relevant health and safety protocols.
Meanwhile, a temporary occupation permit (TOP) has been obtained for the remodeled Resorts World Theatre for a new experiential dining attraction. RWS will be embarking on show production and performer recruitment for the attraction.
Genting Singapore also highlighted the RWS sustainability programme in partnership with Sentosa Development Corporation to transform Sentosa Island into a carbon-neutral destination by 2030, which is part of its environmental, social and corporate governance (ESG) efforts.
Shares in Genting Singapore closed 0.5 cents or 0.59% higher at 85 cents on May 7.
