In Singapore and the operator behind the giant Resorts World Sentosa development has reportedly announced that it recorded a second-quarter net loss of some $119.2 million as overall gaming revenues crashed by 98.5% year-on-year to approximately $4.7 million.
According to reports from GGRAsia and Inside Asian Gaming, Genting Singapore Limited detailed that the 120-acre integrated casino resort had experienced its ‘worst quarterly performance’ since opening in January of 2010 with its adjusted earnings before interest, taxation, depreciation and amortization for the three months to the end of June having crashed by 144% year-on-year to a deficit of roughly $96 million.
A subsidiary of Asian entertainments giant Genting Malaysia Berhad, Genting Singapore Limited reportedly posted a second-quarter net profit of about $122.6 million last year although it also stated that operations at Resorts World Sentosa had more recently been devastated by the impact of ‘the global coronavirus pandemic’. GGRAsia detailed that the impressive seven-hotel property was completely shuttered from April 7 in an attempt to stop the spread of the potentially-lethal ailment and only began partially re-opening some twelve weeks later.
For the six months to the end of June and Inside Asian Gaming reported that Genting Singapore Limited chalked up a net loss of nearly $85 million, which was slightly over 130% down on the same first-half period in 2019, as revenues plummeted by 64.9% year-on-year to $326.4 million. This source moreover explained that Resorts World Sentosa recently laid off around 28% of its 7,000-strong workforce as a direct result of the coronavirus-related downturn and only initiated a partial revival of its gambling operations from the first day of July.
Genting Singapore Limited reportedly furthermore proclaimed that the coronavirus pandemic had ‘caused major disruptions to the global travel and tourism industry’ and that continues to ‘remain pessimistic on its overall financial performance’ due to this ongoing disturbance.
Reportedly read a statement from Genting Singapore Limited…
“With tourism being the main driver of the group’s business, our operations and financial performance have been severely impacted. Despite the swift implementation of a series of cost containment measures including payroll rationalization as well as other productivity initiatives, the impact of suffering almost zero revenue during the temporary closure period in the second quarter 2020 was devastating.”