Friday, July 01, 2022

Genting Singapore profit up 3 percent, revenue down


Genting Singapore recorded a 3 percent year-on-year rise in net profit attributable to ordinary shareholders of the company in 18Q2, but saw a six percent slide in revenue on bad luck.

Net profit came in at S$177.6 million (US$129.9 million), while revenue reached S$560.3 million.

Bernstein analysts said the revenue, net income and EBITDA all missed analyst consensus, largely due to low VIP win rate and mass hold.

However, the company said VIP rolling volume showed encouraging year-on-year growth in the quarter, despite bad luck. The company said it continued to extend more credit to VIP players in the quarter, with VIP GGR up 10 percent year-on-year.

Mass, however, was impacted by competition from Marina Bay Sands and other markets, with table drop up 11 percent year-on-year and slot handle up 6 percent year-on-year.

Mass tables GGR was impacted by low hold.

Looking ahead, Genting said it plans to stage a series of exciting gourmet and lifestyle events at Resorts World Sentosa. It also said it has been gearing up for the Japanese gaming market, and has been hiring a new team of Japanese nations from different disciplines to prepare for the bid.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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