Genting Singapore profit up 3 percent, revenue down

Resorts World Sentosa (file)
Resorts World Sentosa (file)

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.

Previous articleYokohama draws over 51 million tourists in 2017
Next articleHard Rock eyes “entertainment-centric” IR in Gold Coast

Related Articles

Lagging Singapore to hold back Genting recovery

Lagging Singapore to hold back Genting recovery

Fitch Ratings has joined rival agency Standard & Poor’s in expressing concern over the speed of recovery for Genting Bhd, citing a lag in Singapore, which is reliant on international tourism arrivals.
Resorts World Sentosa (file)

RWS mass market model clouds outlook

Resorts World Sentosa’s business model, which is skewed towards catering for the mass market, means it’s not likely to recover any time soon and not without a significant easing in travel restrictions, according to Union Gaming.

Genting Singapore seeks cost cuts, pessimistic on outlook

Genting Singapore is seeking to cut costs by about 20 percent to 30 percent after suffering its worst quarterly loss since it opened Resorts World Sentosa.

Travel bubble important catalyst for MBS, RWS: Bernstein

The creation of a travel bubble between Malaysia and Singapore is seen as a significant catalyst for the island’s two IRs, although severe capacity restrictions will create headwinds, according to Bernstein analysts.
Genting Singapore

Genting Singapore seen posting 2020 loss: Maybank

Genting Singapore is expected to post a loss for this year as the recovery is taking longer than expected, according to analysts at Maybank Kim Eng.

Moody’s says Asia operators have enough cash for a year

Nine listed gaming operators in the Asia Pacific region are likely to see a plunge of about 70 percent in EBITDA this year, but all should have sufficient cash to cover basic needs for the next year, Moody’s Investors Service said.
Genting Building

Genting Singapore recovery likely sluggish: Bernstein

The road to recovery for Genting Singapore is expected to be slow and a long way off, according to analysts from Bernstein Research on Tuesday. “Both VIP and Mass (along with non-gaming) should see slow recovery and we do not expect to see Genting Singapore to get back to 2019 levels until 2022, it said.  […]

Genting Singapore could benefit from MBS investigation woes: Maybank

A note issued by Maybank at the end of last week predicted that US Department of Justice and Casino Regulatory Authority investigation of Marina Bay Sands over money laundering suspicions could lead to Genting Singapore seizing a larger share of the local market. The note explained, “We do not presume that either MBS, Sands China, […]

Genting SG pessimistic over the remainder of 2020

Genting Singapore said it remains pessimistic on its outlook for the remaining year, with its flagship property Resorts World Sentosa being “severely affected” and “continue to face significant challenges” in the near future as a result of Covid-19. The company released its quarterly business overview on Wednesday, reporting a 36 percent decline in group revenue […]

Companies count the costs of Covid-19 shutdowns

Gaming companies across the Asia Pacific region are continuing to count the costs of the coronavirus-mandated shutdowns, with both Donaco International and Asia Pioneer Entertainment warning of an impact on business.