Genting S'pore records $17m loss
CASINO giant Genting Singapore swung into the red with a net loss of $16.9 million in the second quarter ended June 30, from a profit of $102.3 million in the same period a year ago.
Including $29 million apportioned to holders of perpetual securities, the gaming firm made a net profit of $12.5 million, down 91 per cent from $131.7 million a year ago.
Revenue fell sharply by 23 per cent to $578.1 million, which the firm attributed to a "downturn of the gaming industry in Asia".
Resorts World Sentosa contributed revenue of $577.8 million, 23 per cent lower year-on-year due to the unfavourable global VIP premium business and rolling win percentage. This led gaming revenue to fall 28 per cent.
"We maintain a cautious approach in granting credit under this market condition and continue to focus on the foreign premium mass and mass market segments in the region," said the company in a statement. "Our mass gaming business continues to remain steady."
Genting Singapore posted a loss per share of 0.14 cent in the second quarter of the year, against an earnings per share of 0.84 cent previously. No dividend was recommended.
THE BUSINESS TIMES, REUTERS