Asian casino operator Genting Singapore Limited has reportedly expressed ‘a sense of optimism’ about the future despite seeing its net profit for the final six months of 2021 fall by 49% year-on-year to approximately $70.8 million.
According to a report from Asia Gaming Brief, the Genting Malaysia Berhad subordinate is responsible for the giant Resorts World Sentosa development in Singapore and blamed the drop in profit on coronavirus-related capacity and social distancing restrictions. The source detailed that the firm also experienced a decline of 17% year-on-year in total half-year revenues to about $381.5 million as its associated gaming receipts slumped by 16% to sit just shy of $267.8 million.
However, Genting Singapore Limited reportedly saw its net profit for the whole of 2021 swell by 164% year-on-year to roughly $136.5 million even as its aggregated revenues remained relatively static at around $794.7 million. This purportedly saw the Singapore-headquartered operator finish the twelve-month period with earnings before interest, tax, depreciation and amortization of some $358.8 million, which represented a boost of 29.3%, with in the region of 98% of this amount at $352.1 million having come from its Resorts World Sentosa development.
Far from being downhearted and Genting Singapore Limited reportedly moreover explained that its non-gaming revenues for the final six months of 2021 had improved by 2% year-on-year to $109.6 million and that it had been able to use the slow period to revamp some of its hotel spaces. The operator purportedly furthermore noted that it would be moving ahead with a second-phase Resorts World Sentosa expansion plan that is to involve an extension to the development’s South East Asia (SEA) Aquarium venue alongside the premiere of a Minion-themed attraction for the adjacent Universal Studios Singapore enterprise.
Asia Gaming Brief reported that Genting Singapore Limited is additionally looking to spend in the region of $298 million this year to enlarge its Resorts World Sentosa development and eventually expects the magnified aquarium element to become the city-state’s ‘new tourist icon and an institution to champion marine education and protection of the environment’. The operator purportedly noted that this program is to also encompass the overhaul beginning from April of the vast venture’s Hard Rock Hotel, Hotel Michael and Festive Hotel enterprises, which have a combined 1,200 rooms, as well as the nearby Resorts World Convention Centre.
Reportedly read a statement from Genting Singapore Limited…
“Whilst the coronavirus pandemic has severely impacted the business of the group, there are signs that allow us a sense of optimism for the travel and tourism industry. We are hopeful that with the further relaxation of Singapore’s coronavirus-related regulations and the gradual resumption of mutual vaccinated travel lanes, more travelers will return to Singapore in 2022.”