Genting Singapore Revenue In 2020 Fell By 90%
February 9, 2021 genting singapore published a financial report.
Restrictions and closures of borders led to a sharp drop in the income of the singapore casino operator.
Genting singapore casino operator reported that the annual income in 2020 fell by almost 90 percenta, which led to the "worst financial indicators" from the time of opening it of resorts world sentosa in 2010.
The company’s revenue amounted to 69.2 million singapore dollars (us $ 52.1 million), which is 89.9% less than a year earlier. Revenues from games fell by 56.7% to 700.8 million singapore dollars. Most of the revenues from fell on the second half of 2020 (426.4 million singapore dollars), an increase of 55.4% compared with the first six monhs of the year.
Non-profit revenue in 2020 reached 299.4 million singapore dollars, which is 65.1% less compared to 857.9 million singapore dollars in 2019.
Genting explained the loss of income of the covid-19 pandemic, saying:
"For the remaining part 2020 of the fiscal year, it was very negativyly influenced by the regulatory limitations, the closure of the borders and the problems of the operating capacity due to the covid-19 pandemic.
The company’s heads statedt that it was obvious that international travel is unlikely to return to the level preceding a pandemic. To increase attendance while maintaining travel reetrictions, its resort complex reets world sentosa has developed "accommodation packages" for locals.
Source: genting singapore