Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  Genting Singapore Limited    G13   SGXE21576413

GENTING SINGAPORE LIMITED

(G13)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Singapore's Resorts World, a major employer, axes jobs as virus batters tourism

07/15/2020 | 02:13am EST
The motorcade of U.S. President Donald Trump leaves Sentosa island, Singapore

SINGAPORE, July 15 (Reuters) - Resorts World Sentosa, one of Singapore's biggest private sector employers, said on Wednesday it was laying off staff to cut costs as the coronavirus pandemic batters the city-state's tourism industry.

The company, owned by Genting Singapore Ltd, did not disclose how many jobs will be lost, but the local Straits Times newspaper said the cuts were "significant".

A spokesperson for Resorts World Sentosa said the firm had over 7,000 full-time employees at the end of 2019, but declined to comment on its current employment level. The Genting Singapore website says RWS is one of Singapore's largest employers.

Resorts World Sentosa's facilities, spread over 49 hectares, encompass a hotel, a casino and a Universal Studios theme park among other attractions.

"We have made the difficult decision to implement a one-off workforce rationalisation," it said in a statement.

A handful of staff trudging past mostly quiet restaurants outside the entrance to the casino on Wednesday afternoon told Reuters they had been called in to meet with the human resources department.

Singapore's economy plunged into recession in the second quarter, shrinking a record 41% from the previous quarter, data showed on Tuesday, putting it on track for its deepest slump ever.

The tourism industry, which contributes about 4% to the economy, has been one of the worst affected sectors due to travel restrictions and a lockdown that lasted more than two months to curb the spread of COVID-19.

Across the causeway, casino operator Genting Malaysia was cutting 3,000 jobs, or about 15% of its workforce, media reported last month. Genting Malaysia did not respond to a request for comment.

Genting Singapore and Genting Malaysia are part of Malaysian conglomerate Genting Berhad.

"COVID-19 pandemic's impact on the tourism industry is unprecedented, immediate, and immense," Singapore's National Trades Union Congress said in a statement on the job cuts.

It added that it was working with Resorts World Sentosa on compensation terms, and would help affected employees with training and finding new jobs.

Just last year the company announced it would invest about S$4.5 billion ($3.2 billion) to expand its tourist attractions in the city-state.

($1 = 1.3914 Singapore dollars) (Reporting by Aradhana Aravindan, John Geddie and Edgar Su in Singapore Additional reporting by Liz Lee in Kuala Lumpur Editing by Edwina Gibbs and Kim Coghill)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GENTING 1.75% 4.08 End-of-day quote.-32.56%
GENTING MALAYSIA 2.02% 2.53 End-of-day quote.-23.10%
GENTING SINGAPORE LIMITED -1.18% 0.84 End-of-day quote.-8.70%
RWS HOLDINGS PLC -3.10% 562 Delayed Quote.-7.72%
All news about GENTING SINGAPORE LIMITED
11/15GENTING SINGAPORE : Third-Quarter Net Fell 66% on Covid-19 Impact
DJ
08/06GENTING SINGAPORE : Swung to 2Q Loss Due to Covid-19 Closures
DJ
08/03GENTING SINGAPORE : Singapore's Universal Studios deploys facial recognition for..
RE
07/15Singapore's Resorts World, a major employer, axes jobs as virus batters touri..
RE
07/15Singapore's Resorts World, a major employer, axes jobs as virus batters touri..
RE
07/15Singapore's Resorts World, a major employer, axes jobs as virus batters touri..
RE
06/10GENTING SINGAPORE LIMITED : Ex-dividend day for final dividend
FA
06/01Singapore Exchange to Launch 10 Single Stock Futures Contracts
DJ
04/22SOUTHEAST ASIA STOCKS : Most markets fall as risk-off from oil rout persists
RE
02/25REPL : :Disclosure of Interest/ Changes in Interest of Director/ Chief Executive..
PU
More news
Financials
Sales 2020 1 094 M 817 M 817 M
Net income 2020 -58,8 M -43,9 M -43,9 M
Net cash 2020 2 958 M 2 208 M 2 208 M
P/E ratio 2020 -207x
Yield 2020 2,30%
Capitalization 10 134 M 7 551 M 7 565 M
EV / Sales 2020 6,56x
EV / Sales 2021 4,13x
Nbr of Employees -
Free-Float 47,0%
Chart GENTING SINGAPORE LIMITED
Duration : Period :
Genting Singapore Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GENTING SINGAPORE LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 0,83 SGD
Last Close Price 0,84 SGD
Spread / Highest target 19,0%
Spread / Average Target -1,42%
Spread / Lowest Target -22,6%
EPS Revisions
Managers
NameTitle
Hee Teck Tan President, COO & Non-Independent Director
Kok Thay Lim Executive Chairman
Shi Ruh Lee Chief Financial Officer
Jonathan Asherson Independent Non-Executive Director
Wah Yeow Tan Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
GENTING SINGAPORE LIMITED-8.70%7 641
LAS VEGAS SANDS CORP.-15.87%44 362
MGM RESORTS INTERNATIONAL-14.49%14 053
WYNN RESORTS-26.00%11 008
SJM HOLDINGS LIMITED2.59%6 664
TABCORP HOLDINGS LIMITED-11.92%6 488