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The company described its 2020 performance as its “worst financial performance since the opening of our Singapore Integrated Resort in 2010”.
Genting Singapore saw its net profit plunge 90% to $69.2 million for FY ended 31 December 2020, from $688.6 million a year ago, reported Singapore Business Review (SBR).
Revenue also fell 57% to $1.063 billion from 2019’s $2.48 billion. Its gaming segment posted a 57% drop in earnings from $1.61 billion in 2019 to $700 million in 2020, while earnings by its non-gaming segment declined from $857 million to $299 million.
Earnings before interest, tax, depreciation and amortisation (EBITDA) also declined 68% to $372.6 million, even as the company implemented government aid and cost-cutting measures.
Genting Singapore said most of its profit for 2020 was due to great performance registered during the Lunar New Year, which was before the surge of COVID-19 cases.
“The rest of financial year 2020 was very negatively impacted by regulatory restrictions, border closures and operating capacity due to the COVID-19 pandemic,” it said as quoted by SBR.
The company described its 2020 performance as its “worst financial performance since the opening of our Singapore Integrated Resort in 2010”.
While countries had started to open their economies, Genting Singapore remain cautious as they do not expect international travel to return to pre-COVID-19 level anytime soon.
“The group remains cautious of the travel and tourism sector’s recovery and we are closely monitoring pandemic updates, travel restrictions and vaccination progress globally as well as in Asia,” it said.
Nonetheless, it revealed that the group will “continue to pursue our growth strategy with the $4.5 billion mega expansion (“RWS 2.0”) to anchor RWS as Asia’s leading leisure and tourism destination”.
“Revisions to design works of RWS 2.0 incorporating health and safety measures are ongoing to adopt to the post-pandemic environment,” said Genting Singapore.
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