Genting Berhad announced on Thursday that its revenue for the April-June 2020 quarter had fallen 80 percent year-on-year to RM1.1 billion (US$266 million). The decrease in revenue came mainly from the Leisure & Hospitality segment of the group.
A statement from the company noted that Resorts World Sentosa had been obliged by the Covid-19 pandemic to suspend all guest services from April 6 until the end of the quarter. Revenue was only RM78 million.
“As tourism is the main driver of RWS’s business and the pandemic has caused major disruptions to the global travel and tourism industry, its operations and financial performance have been severely impacted,” the statement observed.
Meanwhile, Resorts World Genting was closed from March 18 until June 19, also as a result of the coronavirus. Revenue came in at RM80.8 million.
It was much the same picture in other parts of the world.
Overall, Genting Berhad suffered RM1.5 billion in financial losses for the quarter.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.