Genting Singapore “pessimistic” as it reports 9 percent decline in 2019 profits

Genting Singapore declared itself “pessimistic” about the coming months under business impact of the Covid-19 outbreak in China, as it announced full year financial results showing year-on-year declines in both revenue and profits for the full year 2019.

“With the Novel Coronavirus issue that has created massive disruption to the travel and tourism
industries, the Group is generally pessimistic about the outlook for the first half of 2020. We will be embarking on a stronger productivity drive and utilise this period to refresh and develop our offerings.”

Net profits after taxation for 2019 came to S$688.6 million (about US$496 million), which was down 9 percent, off of total revenues amounting to S$2.48 billion, a figure that was down 2 percent.

The report was released amid news that a 35-year-old Singapore permanent resident who works at the Resorts World Sentosa casino had become one of the confirmed coronavirus cases in the city-state.

The report also noted that “design and planning for RWS 2.0 is well under way,” highlighting “Once A Pirate,” an immersive dining and performance concept on the adventures of Asian pirates, which is on track to open in late 2020.

Other upgrades in the works are the renovation of the Maritime Experiential Museum, a transformation of the waterfront promenade, and two new destination hotels, among other attractions.