Low VIP hold hits Genting Singapore

Genting Singapore PLC reported a 31 percent drop in net profit in the first quarter from a year earlier, which the company blamed a fall in its VIP hold rate at Resorts World Sentosa. Total revenue declined 15 percent to S$669.6 million ($542.4 million) as gaming revenue fell 20 percent to S$521.2 million. Net profit stood at S$145.4 million.  The VIP hold was 2.1 percent, compared to a usual 2.85 percent-3 percent rate, though VIP betting volumes reached a record. The new Marine Life Park helped boost non-gaming results.