INTEGRATED resort operator Genting Singapore on Thursday (Nov 7) posted net profit after tax of S$79.4 million for the third quarter ended Sep 30, sliding 63 per cent from S$216.3 million from the corresponding year-ago period.
Revenue for the period was down 19 per cent to S$561.9 million from S$689.9 million on-year, the group said in its third-quarter business update.
Within its segments, gaming revenue fell 28 per cent on-year to S$330 million, from S$459.6 million. Non-gaming revenue ticked up 1 per cent to S$231.8 million, from S$230.1 million.
The group did not report earnings per share for the period.
On a quarter-on-quarter basis, profit was down 27 per cent from S$109.5 million. Revenue edged down 2 per cent from S$571.3 million qoq.
The qoq decline in Genting Singapore’s performance was mainly attributable to lower VIP rolling volume and win rate, said the group. This was reflected in gaming revenue sliding 14 per cent from S$381.6 million qoq.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
However, non-gaming revenue improved by 22 per cent on-quarter from S$189.6 million.
This was due to seasonality, despite the full closure of Hard Rock Hotel for renovation and rebranding, and the SEA Aquarium’s weekly two-day closure for its expansion into the Singapore Oceanarium, said Genting Singapore.
The group noted that its integrated resort Resorts World Sentosa (RWS) is progressing on its RWS 2.0 development, which is slated to cost S$6.8 billion.
The group previously announced plans to develop a new waterfront complex at RWS, comprising 228,658 square feet of retail space, and 700 hotel rooms.
The group also said on Nov 2 that Andrew MacDonald, chief casino officer and director at RWS, had stepped down from Nov 1 to “pursue personal interests”. He had been responsible for overseeing the overall business of RWS.
Shares of Genting Singapore closed down 1.2 per cent or S$0.01 to S$0.84, before the announcement.
