Channel NewsAsia

Genting Singapore reports 22% decline in Q2 net profit

Net profit for the three months ended in June came in at S$131.7 million. Meanwhile, group revenue climbed 6 per cent to S$751 million. 

SINGAPORE: Genting Singapore - which operates Resorts World Sentosa - has posted a 22 per cent drop in its second-quarter earnings. An improved showing in its premium gambling business failed to offset sluggish growth in the mass market segment.

Net profit for the three months ended in June came in at S$131.7 million. Meanwhile, group revenue climbed 6 per cent to S$751 million.

Gambling revenue from the casino rose 9 per cent to S$596.9 million - boosted by a higher rolling volume and win percentage in the premium player business. However, non-gaming revenue, which covers income from hotels and the Universal Studios theme park, fell by 3 per cent year-on-year to S$153.6 million.

Genting said its hotels managed a high occupancy rate of 94 per cent and an average room rate of S$390.

On its expansion plans in the region, Genting said it is working with South Korean authorities to complete plans and secure approvals for a joint-venture casino project in Jeju Island.

Meanwhile, Las Vegas Sands, owner of Marina Bay Sands in Singapore, reported a 9.5 per cent rise in gaming revenue to US$646.4 million (S$804.9 million) from its casino during the same quarter. Marina Bay Sands said that occupancy for its hotel was 99.1 per cent, while the average room rate was US$409 (S$509) a night. 

Tweet photos, videos and updates on this story to  @channelnewsasia