Genting Singapore reports lower profits as high rollers play less, resort revamp continues

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Genting Singapore profits fall as high rollers play less and Resorts World Sentosa revamp continues Read more at straitstimes.com.

Genting Singapore expects the renovation works at Resorts World Sentosa to improve its hotel offerings and broaden the property’s appeal over the longer term.

SINGAPORE – Shares of Genting Singapore fell by more than 4% to 58 cents when the market opened on Nov 13, after reporting another quarter of shrinking profits, as high rollers played less at Resorts World Sentosa (RWS) and ongoing renovations at the resort crimped visitor footfall and spending.

Net profit fell 42% year on year to $54.7 million in the three months ended Sept 30, while revenue fell 13% to $566.1 million, Genting Singapore said in a business update on Nov 12.

Both net profit and revenue in the July to September quarter were also lower than in the previous quarter from April to June.

Casino revenue fell 22% to $315 million during the recent quarter compared with the year before, as weaker activity among premium gamblers and a lower-than-usual share of wagers retained by the casino in September further dented revenue.

However, Genting said this was in line with trends in key regional markets.

The group said adjusted earnings before interest, taxes, depreciation and amortisation for the quarter, a measure of operating performance, would have been about $36 million higher than the reported $161.8 million if the casino had kept its usual share of premium wagers.

Outside the casino, non-gaming revenue rose 1% year on year to $250.9 million during the quarter, despite fewer hotel rooms being available.

This was up 29% from the previous quarter, although Genting did not elaborate on what drove the increase.

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