Genting S’pore Now Making a Profit After RWS & Casino Reopen

Gambling’s a national sport.

Just look at the queues that formed up just before Singapore Pools closed during the Circuit Breaker period and after they reopened again.

But if you still disbelieve that fact, just take a look at the effects of local gamblers returning to the casinos here.

Local Gamblers Returning To Casino

In the second quarter of 2020, Resorts World Sentosa (RWS) has a gaming revenue of S$6.5 million mainly due to Circuit Breaker measures.

But in the third quarter of 2020, things turned around for Genting Singapore, with them reporting a gaming revenue of S$212.9 million.

It’s not just Genting Singapore, even fellow casino operator Marina Bay Sands reported a profit of US$70 million (S$94.21 million) in the 3rd quarter of 2020, compared to its loss of US$113 million (S$152.08 million) in the previous quarter.

Not Just Gaming Revenue

Genting Singapore’s profit doesn’t just come from gambling (or gaming).

Non-gaming revenue for Genting Singapore also rose from $16.3 million in the previous quarter to $59.9 million in the third quarter.

To encourage visitors to their attractions, Genting Singapore has also rolled out theme-based dining and “specially-curated” staycations for Singaporeans.

You can check out their packages here.

From a net loss of $163.3 million in Q2 of 2020, Genting Singapore managed to crawl their way back up from the red and end off Q3 with a $54.4 million profit.

Turnaround But Still A Drop Compared To Previous Year

Despite the upturn, it’s still a far cry from its previous year of earnings.

Earnings were down by 66% from $158.9 million in the third quarter of 2019 and revenue has dropped by half to $300.1 million.

Genting Singapore’s non-gaming revenue has dropped by 74% compared to the previous year’s revenue of $234.6 million.

MBS similarly demonstrated an 84% drop from its previous year’s earnings despite the upturn.

Nonetheless, Genting Singapore says it’ll continue with its $4.5 billion mega expansion for RWS.

Genting Singapore Could Have Genting Japan In The Future

Meanwhile, they’re also eagerly looking at the Yokohama integrated resort (IR) opportunity located in Japan but says they’ll take a wait and see approach.

“We will evaluate the conditions of the request-for-proposal and the investment environment when the formal bidding process begins and will respond with a proposal if these conditions meet the group’s investment criteria”.

It was reported that two major players, Las Vegas Sands (the ones behind MBS) and Wynn Resorts have pulled out of the race for the IR in Japan.

Featured Image: Heng Lim / Shutterstock.com