Genting Singapore has reported a lower revenue of $251.5 million for 3QFY2021, down 16% y-o-y.
Yet, earnings increased by 11% y-o-y to $60.7 million, as the company wrote back $45.9 million in accounting accrual related to the bid for the Yokohama integrated resort project that was spiked by a newly-elected mayor.
See: Genting's big bet on Vegas
The company, which operates Resorts World Sentosa, saw a 9% y-o-y drop in gaming revenue to $194.7 million.
In recent weeks, the tourism and hospitality industry is cheered by the implementation of more so-called “vaccinated travel lanes”.
Genting Singapore calls this development a “significant milestone”.
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However, it expects only a “minimal” increase in overseas visitors footfalls. It points out that its traditional large sources of visitors are not yet in the list of countries that can enjoy VTL.
“At the same time, there may be an impact on the IR’s visitorship from an outflow of the local population to these countries due to the pent-up demand for international travel,” it cautions.
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Genting Singapore closed Nov 9 at 82 cents, up 0.62% for the day and down 5.23% year to date.
