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Genting Singapore annouces profit warning


KUALA LUMPUR: Genting Singapore Ltd has issued a profit warning due to the significant drop in visitor attendance at Resorts World Sentosa.

As part of the group's cost control measures, Genting Singapore said the fees and salaries of its directors will be reduced by 15% and 18% respectively. The group's managerial staff will take a pay cut of between 9% and 18%.

Genting Singapore has also encouraged its employees to take unpaid and/or annual leave.

The tourism industry around the world has been severely affected by the Covid-19 outbreak, prompting countries including Singapore and Malaysia to impose travel restrictions to control the pandemic.

"As a result, our property, Resorts World Sentosa, has experienced a significant decrease in visitor attendance and correspondingly revenue, across all its facilities, including our attractions, hotels, restaurants, MICE facilities and the casino," Genting Singapore said in a statement.

"While the extent of the impact on the group’s financial performance and operations for the full year 2020 cannot be determined at this stage as the duration and extent of the spread of COVID-19 is uncertain, the board wishes to issue a profit guidance note that the group expects that its financial results will be significantly and adversely impacted" for the first six-month of 2020, it said.