Genting Singapore says its plans to develop an integrated resort in Japan haven’t changed in the wake of COVID-19, despite describing its outlook for the remainder of 2020 as “pessimistic.”
On the same day as Las Vegas Sands announced its decision to pull out of the Japan IR race due to concerns over the regulatory environment, Genting Singapore released an overview of its 1Q20 results which saw revenue down 36% year-on-year to SG$406.9 million and Adjusted EBITDA by 55% to SG$146.9 million.
With flagship property, Resorts World Sentosa, having been closed since 7 April and the possibility of an extension of the closure period beyond the current 1 June end date, the company said it expects RWS will “continue to face significant challenges” with social distancing and restrictive border regulations to “continue to hinder any medium-term recovery.
“Given the fluidity of the unfolding COVID-19 situation, the Group remains pessimistic on its outlook for the remaining year,” it said.
Nevertheless, Genting Singapore reaffirmed its commitment to Japan where it remains one of five companies bidding to develop an integrated resort in Yokohama alongside Galaxy Entertainment Group, Melco Resorts & Entertainment, Sega Sammy and Wynn Resorts.
“The Japan IR investment opportunity continues to feature in our long term growth strategy,” it said.
“We have been engaged in the ongoing Request-for-Concept by Yokohama City and are anticipating the launch of the Request-for-Proposal in the second half of 2020.”