GENTING Singapore announced recently that its first-quarter net profit dropped 33 per cent on-year to S$205.5 million due to lower gaming revenue. Profits were also dragged by greater depreciation after the opening of new hotels and attractions at its Universal Studios theme park, the Singapore unit of Malaysia’s Genting said.
Its Singapore casino, Resorts World at Sentosa, made S$376.4 million in adjusted earnings before interest, tax, depreciation and amortisation last quarter, down from S$528.4 million a year earlier. Genting’s EBITDA was lower than the US$472.5 million reported by rival Marina Bay Sands. Resorts World’s net revenue fell 14 per cent to S$787 million, due to the casino’s lower win percentages and business volumes in the premium-player business.