Casinos in Singapore are raking in cold hard cash once again, this time from Singaporeans, as the gaming tables reopen this Covid-19 pandemic with not many foreigners in sight.
Resorts World Sentosa (RWS) made so much from gambling that Genting Singapore swung to a net profit of S$54.4 million for the three months to Sep. 30 from a net loss of S$163.3 million in the previous quarter, according to The Straits Times.
Local punters returning to the RWS casino resulted in gaming revenue of S$212.9 million for the third quarter.
When circuit breaker measures were in force, gaming revenue was S$6.5 million in the second quarter.
RWS reopened to visitors in early July as the nation entered phase two of its gradual reopening.
But Genting Singapore's gaming revenue in the third quarter was still 41 per cent lower than the S$360.8 million a year ago.
The continued absence of tourists due to Covid-19 travel restrictions hurt overall earnings, which are down 66 per cent.
Third quarter earnings in 2019 alone were S$158.9 million.
Revenue has halved to S$300.1 million, the company's third-quarter business update on Saturday, Nov. 14 showed.
Visitors have been returning slowly to Universal Studios Singapore and S.E.A. Aquarium from July 1, helping non-gaming revenue to rise to S$59.9 million.
This was higher than the S$16.3 million in the previous quarter.
But year on year, this non-gaming revenue fell 74 per cent from S$234.6 million previously.
MBS gaming rebound
The other casino operator Marina Bay Sands (MBS) also reported a rebound in gaming earnings.
MBS generated third quarter earnings of US$70 million (S$94.4 million), 84 per cent lower than a year ago.
But this still represented a big reversal from the US$113 million (S$152 million) loss it suffered in the second quarter.
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