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Genting Singapore is back to profit 3Q

by [email protected]
Genting Singapore is back to profit 3Q

The operator of Singapore casino complex Resorts World Sentosa returned sequentially in the third quarter to net profit and to positive adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA).

Genting Singapore Ltd gave the news in a Saturday filing to the Singapore Exchange via some highlights of third-quarter performance, a non-statutory declaration under local bourse rules.

Such profit was just over SGD54.4 million (US$40.4 million), compared to a net loss of SGD163.3 million in the second quarter. Third-quarter net profit was nonetheless down 65.7 percent year-on-year, from the almost SGD158.9 million achieved in the same quarter of 2019.

Gaming revenue for the third quarter this year leapt by more than 3,000 percent, compared to the second quarter, which was heavily hurt by temporary closure measures for the resort, due to Covid-19.

Third-quarter gaming revenue was SGD212.9 million, versus only SGD6.5 million in the three months to June 30. Judged year-on-year, gaming revenue was down 41.0 percent, from the nearly SGD360.8 million achieved a year earlier.

The latest quarter’s adjusted EBITDA was positive by SGD149.0 million, compared to an adjusted-EBITDA loss of SGD84.9 million in the second quarter this year. Third-quarter adjusted EBITDA was down 46.4 percent on the SGD278.0 million achieved in the third quarter 2019.

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