COVID-19 has certainly hit Genting Singapore’s business hard. Earlier this month, the company expressed pessimism for its business outlook for the remaining of 2020 due to the pandemic. This is only expected — Genting Singapore’s principal activities lie in its integrated resorts including gaming, hospitality, MICE, and entertainment.
Further, the company derives almost all of its revenue from Resorts World Sentosa (RWS) in Singapore. Evidently, Genting Singapore’s services are not essential so the company has suspended ‘almost all’ operations since 7 April this year. RWS’s gaming venue is to remain shut even after the circuit breaker ends on 1 June this year.
RWS seemed poised for massive growth when early last year, RWS announced plans to invest S$4.5 billion to expand its gross floor area (GFA) by 50%. But COVID-19 has certainly put a dampener to those plans.
I tuned in to Genting Singapore’s virtual AGM to find out how it...