Genting Singapore Back In Business, Reported SGD88.2 Million Profit
Genting Singapore Ltd on Thursday reported a net profit of SGD88.2 million for the first half of 2021, which is up from the SGD116.7 million loss they registered the year before.
According to their statement to the Singapore Exchange, the change was reportedly due to increased gaming revenue.
The casino’s year-on-year gaming revenue rose by 61.4 percent in the first half of 2021 for the first six months of this year to about SGD442.9 million.
However, no interim dividend was declared for the first half of 2021, as was the case in a similar period the year before.
Genting Singapore operates Resorts World Sentosa and is a subsidiary of Genting Bhd.
The revenue jump is partially related to the firm having suspended almost all operations between April and June 2021 due to the state regulations on controlling the spread of Covid19.
Genting Singapore stated that limited travel also greatly affected their key offering, forcing them to operate at lower levels.
They further stated that they didn’t expect any further increase in business operations until the borders are opened.
They recorded their earnings before interest, taxation, depreciation, and amortization to be at SGD276.1 million, far more than reported for the same period in 2020.
To boost local spending in the tourism sector, Genting Singapore availed an SGD100-voucher scheme for Singaporeans aged 18 and above through the local government. The scheme reportedly helped to ease the challenging environment the firm was in during the Covid crisis.
In June, Genting Singapore was shortlisted as a contender for a casino license in Yokohama, Japan. The request-for-proposal (RFP) submission period was concluded in late June, with a decision expected in the coming months over the winning bid.
Given the 30-year successful track record in operating and developing integrated resorts in different cities, the company expressed confidence in its bid.