• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 30 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Genting Singapore revenues halved but back to profit in 3Q20

Ben Blaschke by Ben Blaschke
Sun 15 Nov 2020 at 05:17
Increased entry levy to hurt Genting Singapore in 2019 and beyond: analysts

Resorts World Sentosa

242
SHARES
6k
VIEWS
Print Friendly, PDF & Email

Genting Singapore has announced a profit of SG$54.4 million (US$40.4 million) in the three months to 30 September, down 66% year-on-year but reversing a loss of SG$163.3 million (US$121.2 million) in the previous quarter resulting from the COVID-19 forced closure of Resorts World Sentosa (RWS).

The improved results come despite a significant fall in revenues compared to 3Q19, impacted by ongoing border restrictions that have limited international leisure arrivals. RWS suspended operations in early April as a result of the coronavirus pandemic before reopening some non-gaming outlets in late June and its casino from 1 July.

In a quarterly update published over the weekend, Genting Singapore revealed a 50% fall in revenues to SG$301.0 million (US$223.3 million) including a 74% fall in non-gaming revenue to SG$59.9 million (US$44.4 million). Gaming revenue fell by 41% to SG$212.9 million (US$158.0 million).

While significantly down on 3Q19 results, they did represent a stark improvement over the second quarter of 2020 which saw revenues of just SG$41.3 million (US$30.6 million) and gaming revenue of just SG$6.5 million (US$4.8 million).

Adjusted EBITDA in 3Q20 fell 46% year-on-year to SG$149.0 million (US$110.5 million) but was improved from an Adjusted EBITDA loss of SG$84.9 million (US$63.0 million) in Q2. It was also considerably higher than expected with analysts describing it was a “substantial EBITDA beat“ versus estimates of EBITDA break-even, plus a high EBITDA margin of 53%.

“We suspect there were some one-offs (because, frankly, it is just too strong otherwise), such as positive VIP luck, government subsidy, or some kind of reversal – but even half of what is reported would be still very impressive, and 3Q was a clear beat on both top- and bottom-lines,” said JP Morgan’s DS Kim, Derek Choi and Jeremy An.

“Interestingly, we also note the property EBITDA of SG$145 million (US$106 million) was the highest level among Asia casinos this quarter, and 50%+ above MBS’s US$70 million (which was already a big beat).”

Citing ongoing weak demand as a result of global travel restrictions, Genting Singapore said it has focused instead on reimagining its guest offerings – particularly in the non-gaming space via a range of “staycation” packages for locals combining accommodation with either theme park or restaurant experiences.

It added that S.E.A. Aquarium has “successfully bred new animal residents, some of which are listed as ‘Vulnerable’ and ‘Threatened’ in the International Union for Conservation of Nature Red List of Threatened Species.

“Visitors can admire these newborn inhabitants at the newly opened zone that journeys through three habitats – from the tropical rainforest and intertidal coastal terrains to the coral reef section,” the company said.

RelatedPosts

Australia’s Star Entertainment Group says available cash halved in December 2024 quarter as liquidity crunch bites again

Star Entertainment Group falls to AU$471.5 million loss in FY25 as remediation, regulatory hurdles continue to bite

Fri 29 Aug 2025 at 07:38
Resorts World Las Vegas – Lighting up the north

Recovery of VIP gaming business helps Genting’s Resorts World Las Vegas book improved revenues of US$180 million in 2Q25

Fri 29 Aug 2025 at 05:30
Asia market roundup

Higher business volumes, margins at Resorts World Genting drive improved 2Q25 results for Genting Malaysia

Fri 29 Aug 2025 at 05:09
Asia market roundup

Asia market roundup

Thu 28 Aug 2025 at 12:26
Load More
Tags: 2020casinocovid-19Genting SingaporeQ3Resorts World SentosaS.E.A. AquariumSingaporethird quarter results
Share97Share17
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

All your sports entertainment with SABA Sports – always fair and sharp since 1998.

All your sports entertainment with SABA Sports – always fair and sharp since 1998.

by Newsdesk
Fri 29 Aug 2025 at 18:57

CLIENT PROMOTION Since 1998, SABA Sports has stood as the trusted backbone of the world’s most respected sports betting brands. Built on real-time intelligence and operational excellence, we have earned our reputation as the definitive partner for leading operators worldwide....

Newly appointed Thai PM Paetongtarn Shinawatra expected to continue pursuit of legalized casinos

Thai casino bill dead in the water as Constitutional Court removes Prime Minister Paetongtarn Shinawatra from office

by Ben Blaschke
Fri 29 Aug 2025 at 18:44

Thai Prime Minister Paetongtarn Shinawatra has been removed from office for ethics violations after the Constitutional Court ruled 6-3 against her on Friday. She becomes Thailand’s sixth Prime Minister to be removed by a court or legal ruling since 2008...

Australia’s Star Entertainment Group says available cash halved in December 2024 quarter as liquidity crunch bites again

Star Entertainment Group falls to AU$471.5 million loss in FY25 as remediation, regulatory hurdles continue to bite

by Ben Blaschke
Fri 29 Aug 2025 at 07:38

Australia’s Star Entertainment Group has reported a statutory loss of AU$471.5 million (US$308 million) for the financial year ended 30 June 2025, impacted by a 29% year-on-year decline in group-wide revenue including a 37% fall in gaming revenue. Although the...

Resorts World Las Vegas – Lighting up the north

Recovery of VIP gaming business helps Genting’s Resorts World Las Vegas book improved revenues of US$180 million in 2Q25

by Ben Blaschke
Fri 29 Aug 2025 at 05:30

Resorts World Las Vegas (RWLV), the US flagship of Malaysian gaming giant Genting Berhad, saw revenues grow by 8% quarter-on-quarter to US$180 million and EBITDA by 80% to US$18 million in 2Q25, with the company pointing to improved hold and...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語