Genting's EBITDA plunged 55% to $146.89m in Q1
Its flagship property Resorts World Sentosa took a severe hit from the pandemic.
Genting Singapore saw its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) crash 55% YoY to $146.89m in Q1 from $329.68m in 2019, an SGX filing revealed.
Specifically, the adjusted EBITDA of its integrated resorts business crashed 53% YoY to $159.26m. This was still blamed on the effects of the COVID-19 pandemic, but was partially mitigated by a series of cost control measures, including instituting a pay reduction scheme for all managerial team members, encouraging all employees to take their annual leave.
Genting stated that its flagship property Resorts World Sentosa (RWS) has been severely affected as well.
The firm’s revenue similarly dropped 36% YoY in Q1 to $406.93m from $640.36m in 2019.
“Given the fluidity of the unfolding COVID-19 situation, the group remains pessimistic on its outlook for the remaining year. To cope with a potentially volatile and long drawn recovery process, we will adopt an agile and continuous learning mindset to align our cost structure with the new norm,” the group stated in the bourse filing.
Further, they assured that their integrated resorts investment opportunity in Japan continues to be a part of their long-term growth strategy as they were engaged in the ongoing request for concept (RFC) by Yokohama City and are anticipating the launch of the request for proposal (RFP) in H2.