Shareholders nod GEN Singapore US$212mln dividend

May 28, 2020 Newsdesk Latest News, Singapore, Top of the deck  

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Stockholders of casino operator Genting Singapore Ltd on Thursday approved at the annual general meeting a final dividend for 2019 amounting in aggregate to about SGD302 million (US$212.8 million), said the company in a filing. The company is the operator of the Resorts World Sentosa casino resort (pictured) in Singapore.

The firm’s board had recommended a dividend for full-year 2019 of SGD0.025 per share. Genting Singapore had just above 12.09 billion outstanding shares, according to its corporate website. In September, the firm paid an interim dividend of SGD0.015.

Full-year 2019 profit at Genting Singapore fell 8.8 percent, on total revenue that declined 2.3 percent year-on-year. Such profit was SGD688.6 million compared with SGD755.4 million in the prior year.

Genting Singapore’s operations have more recently been negatively affected by the Covid-19 pandemic. The firm said earlier this month that its resort had been “severely affected”, with disruption starting as early as the end of January.

The group had suspended “almost all” operations at Resorts World Sentosa since April 7, in line with Singapore government directives aimed at controlling Covid-19. The property’s gaming venue is to remain shut beyond June 1, the city-state’s Casino Regulatory Authority confirmed to GGRAsia last week.

In a written reply, Genting Singapore told us that it would “work closely” with the Singapore authorities in the “reopening plans” of Resorts World Sentosa, in order to receive “in a safe manner, in line with the government’s health directives.”

Moody’s Investors Service Inc last week reaffirmed the “A3” rating of Genting Singapore but changed the firm’s outlook to “negative”.

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