Genting Singapore shares hit 1-year low after Q3 profit falls 42.2%

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Softer premium gaming activity weighs on the integrated resort operator’s third-quarter earnings

Softer premium gaming activity weighs on the integrated resort operator’s third-quarter earnings

[SINGAPORE] Shares of Genting Singapore hit a one-year low on Friday (Nov 13), a day after the integrated resort operator reported a 42.2 per cent fall in net profit to S$54.7 million for its third quarter ended Sep 30, from S$94.6 million in the corresponding year-ago period.

The counter fell 5.2 per cent to S$0.58 as at 9.01 am, before extending losses to S$0.575 as at 9.30 am, its lowest level in a year.

The drop comes after the company reported weaker earnings on Thursday evening. Its performance was attributed to softer premium gaming activity, in line with a trend seen across key regional markets. An unfavourable rolling win rate in September further affected revenue, the group said.

Revenue for the quarter fell 12.9 per cent year on year to S$566.1 million, while adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) declined 27.4 per cent to S$161.8 million.

Gaming revenue at Resorts World Sentosa (RWS), the group’s Singapore integrated resort, fell 21.7 per cent to S$315 million from S$402.3 million in the corresponding year-ago period.

In contrast, non-gaming revenue rose 1.5 per cent to S$250.9 million from S$247.3 million, which the group described as resilient despite reduced hotel room inventory.

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Genting Singapore said that, on a normalised rolling hold basis, its adjusted Ebitda would have been about S$36 million higher.

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