• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 13 September 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

POST-COVID5: Re-opening mood is growing. What will drive the ramp-up?

Macau gaming tax climbs to new post-pandemic high of MOP$8.31 billion in August

Fri 12 Sep 2025 at 06:20
VIDEO: IAG chats with StarDream Cruises President Michael G. Johansen

VIDEO: IAG chats with StarDream Cruises President Michael G. Johansen

Wed 10 Sep 2025 at 22:22
IAG Spot Count: Macau satellite and 2nd tier casinos keep chugging along

Macau GGR showing signs of seasonal slowdown in September

Mon 8 Sep 2025 at 21:36
MGM Cotai

Bill Hornbuckle: Macau promotional environment now locked in place despite rapid return of VIPs

Fri 5 Sep 2025 at 06:45
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
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

Crane NXT to improve counterfeit detection abilities via planned full acquisition of Italian inspection and detection firm Antares Vision

Crane NXT to improve counterfeit detection abilities via planned full acquisition of Italian inspection and detection firm Antares Vision

by Newsdesk
Sat 13 Sep 2025 at 11:12

Crane NXT – the parent company of currency and payments technology form CPI – says it has signed definitive agreements to acquire a significant stake in Italian inspection and detection systems firm Antares Vision S.p.A. with the intention of taking...

SJM reveals eco-friendly features of new Cotai IR

Fitch expecting SJM’s EBITDA leverage to widen in 2025 on slowing growth of Grand Lisboa Palace, satellite casino uncertainty

by Ben Blaschke
Sat 13 Sep 2025 at 10:57

The EBITDA leverage of Macau concessionaire SJM Holdings is expected to increase to more than 8x in 2025, widened from 7.0x in 2024, due to squeezed margins at the company’s Cotai integrated resort Grand Lisboa Palace and the impact of...

Aristocrat in leadership shakeup with former Light & Wonder exec Dylan Slaney to lead online unit, Barry French taking over corporate affairs

Aristocrat in leadership shakeup with former Light & Wonder exec Dylan Slaney to lead online unit, Barry French taking over corporate affairs

by Newsdesk
Fri 12 Sep 2025 at 07:20

Aristocrat Leisure Limited has announced the impending departures of two key executives, with Aristocrat Interactive CEO Moti Malul to step down in March 2026 and Chief Corporate Affairs Officer Natalie Toohey exiting immediately. In an ASX filing, Aristocrat said that...

POST-COVID5: Re-opening mood is growing. What will drive the ramp-up?

Macau gaming tax climbs to new post-pandemic high of MOP$8.31 billion in August

by Newsdesk
Fri 12 Sep 2025 at 06:20

According to data released by Macau’s Financial Services Bureau, the Macau government’s revenue from gaming taxes in August was approximately MOP$8.31 billion (US$1.04 billion), around 2.5% higher than the MOP$8.31 billion (US$1.01 billion) collected in July. The August tax figure...

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