Genting Singapore, a branch of the Malaysian business group, is striving to entice more local residents to visit its vacation destination. This is due to the ongoing impact of the coronavirus, which continues to hinder international travel to the resort.

The Universal Studios theme park and the S.E.A. Aquarium, both integral parts of Resorts World Sentosa, resumed operations on July 1st. Nevertheless, Genting reported a persistent lack of visitor numbers.

Consequently, their earnings for the third quarter of the year experienced a decline of nearly 50% compared to the same period last year. This downturn can be attributed to a decrease in gambling activity, which constitutes the primary revenue stream for Genting Singapore.

Despite efforts to attract local visitors, the number of individuals frequenting the non-gaming sections of the resort has also witnessed a substantial drop. However, the hotel and investment sectors have observed an uptick in revenue.

Genting Singapore refrained from providing a comprehensive report of their third-quarter performance. However, they disclosed that their profits before accounting for taxes, interest, depreciation, and amortization had decreased by nearly 47%.

Their overall profit for the quarter suffered a 66% reduction after factoring in financial items, depreciation, amortization, interest, and taxes.

Although the third quarter’s results were lower than the same period last year, they were considerably better than the second quarter of 2020, when Resorts World Sentosa was compelled to shut down. The quarter’s income dropped by 93.5% to S$41.3 million, leading to a net loss of S$163.3 million.

Genting Singapore stated that it is seeking to reimagine and adapt its offerings for visitors as the Singapore tourism industry confronts an unprecedented crisis.

“For instance, with travel restrictions still in place and the holiday season approaching, Resorts World Sentosa has introduced staycation packages designed for local residents, combining our distinctive themed destination hotels with experiences such as visits to attractions or dining at award-winning eateries,” the company stated.

The company will also continue its S$4.5 billion “major expansion” plan for the resort, aiming to solidify its position as Singapore’s leading leisure and tourism destination.

The subsidiary is also looking beyond Singapore, revealing that it is “actively exploring” the opportunity to bid for a Japanese integrated resort license in Yokohama.

“We will assess the terms of the Request for Proposal (RFP) and the investment environment, and submit a proposal when the formal bidding process begins, if the terms meet the Group’s investment standards,” the company stated.

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