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NEWS 10 May 2019

Gaming revenue declined 8% to S$430m in Q1 at Genting Singapore

By Matthew Enderby

Genting Singapore's revenue fell 5% year-on-year to S$640m (US$469.4m) for Q1, as net profit also dropped 5% to S$205m.

Gaming revenue at the company’s integrated resorts fell 8% to S$430m, while non-gaming revenue increased 1% to S$209m.

EBITDA for Q1 saw a decline of 2% to S$327m, as the operator said “geopolitical frictions continue to cast a cloud of uncertainty for 2019”.

As such, Genting Singapore plans to innovate its offerings and re-engineer marketing efforts to broaden the reach of Resorts World Sentosa.

Resorts World Sentosa has embarked on a “re-development investment of approximately S$4.5bn to expand and transform its integrated resort."

The company outlined plans for Japan in its first quarter report. Genting says it has taken steps towards opening integrated resorts, with some cities conducting feasibility studies and the Request-for-Concept process to better understand the potential and engage in dialogues with operators of integrated resorts.

A statement from Genting Singapore said: “Backed by the solid track record of operating in a highly respected jurisdiction and reinforced by a robust balance sheet, the group is well positioned to deliver a bid that will showcase a large-scale integrated resort destination which will enhance Japan’s tourism appeal and make significant contributions to its tourism economy.”  

RELATED TAGS: Land-Based | Casino | Financial
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