Genting SG pessimistic over the remainder of 2020

Genting Singapore said it remains pessimistic on its outlook for the remaining year, with its flagship property Resorts World Sentosa being “severely affected” and “continue to face significant challenges” in the near future as a result of Covid-19.

The company released its quarterly business overview on Wednesday, reporting a 36 percent decline in group revenue in 20Q1, down to $406.9 million, whilst adjusted EBITDA fell 55 percent year-on-year to $146.9 million.

Its Resorts World Property has been closed from 7 April due to directives from the Singapore government. This is expected to continue until at least June 1, said the company. 

While our financial performance for 2020 will be severely affected, our Group have strategically built up a

strong balance sheet over the years that will enable us to continue operating smoothly and pursuing growth both at RWS and globally within our core expertise despite the ongoing crisis.

The company said it also holds out hope for its Japan IR opportunity to deliver long term growth. The company has been engaged in an ongoing Request for Concept (RFC) by Yokohama City and is expecting the launch for Request for Proposal (RFP) in the second half of this year.