Genting Singapore Q3 net profit falls 42.2% to S$54.7 million on softer premium gaming

Detailed summary

Gaming arm drags earnings with a 21.7% revenue decline on weak premium play

Gaming arm drags earnings with a 21.7% revenue decline on weak premium play

[SINGAPORE] Integrated resort operator Genting Singapore posted a 42.2 per cent fall in net profit to S$54.7 million for its third quarter ended Sep 30, from S$94.6 million in the corresponding year-ago period.

This came as softer premium gaming activity – in line with a trend seen across regional key markets – weighed on earnings, the mainboard-listed company said on Thursday (Nov 12).

An unfavourable rolling win rate in September further affected revenue, it added.

Revenue for the quarter fell 12.9 per cent to S$566.1 million, from S$649.8 million a year earlier.

On a quarter-on-quarter basis, revenue slipped 5 per cent from S$596 million, while net profit declined 39.8 per cent from S$90.9 million.

By segment, Q3 gaming revenue at Resorts World Sentosa (RWS), the group’s Singapore integrated resort, dropped 21.7 per cent to S$315 million from S$402.3 million in the year-ago period.

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Non-gaming revenue rose 1.5 per cent to S$250.9 million, from S$247.3 million, which the group described as resilient despite reduced hotel room inventory.

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