• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Genting Singapore 4Q profit falls 30 pct

Feb 24, 2015 Newsdesk Latest News, Singapore, Top of the deck  


Genting Singapore 4Q profit falls 30 pct

Genting Singapore Plc, the operator of Resorts World Sentosa casino resort (pictured), reported net profit of SGD118.9 million (US$87.3 million) for the final quarter of 2014, down by 30 percent from the prior-year period. Revenue for the period fell 8 percent year-on-year to SGD637.9 million, the company said in a filing to the Singapore Exchange.

For the three months to December 31, Genting Singapore reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of SGD190.2 million, a 24-percent drop from a year ago.

Resorts World Sentosa  contributed with adjusted EBITDA of SGD194.6 million in the quarter, but that result was affected by luck in VIP play, the company said on Tuesday.

“On a theoretical normalised hold basis, Resorts World Sentosa would have generated an adjusted EBITDA of approximately SGD280 million,” said Genting Singapore, a subsidiary of Malaysian conglomerate Genting Bhd.

It added: “The mass and premium mass segments of our gaming business displayed respectable growth. On the other hand, the premium player market segment was impacted by significant below average win percentage and rolling volume.”

Genting Singapore’s latest quarterly numbers included a SGD82 million impairment loss on trade receivables, up by 42 percent from a year earlier.

For the full-year 2014, the casino operator reported revenue of SGD2.9 billion and adjusted EBITDA of SGD1.2 billion, representing 1-percent growth in revenue and 1-percent drop in adjusted EBITDA from 2013.

Net profit for the whole of 2014 fell by 10 percent year-on-year to SGD635.2 million.

The firm, which has a Universal Studios theme park within the Resorts World Sentosa grounds, said non-gaming business remained strong last year. “The attractions businesses welcomed more than 6 million visitors in 2014,” said Genting Singapore.

The group is however reorganising its gaming programmes, as Singapore’s two casino resorts – the other being Marina Bay Sands operated by Las Vegas Sands Corp – face increased regional competition.

“The business environment around us has changed rapidly and we face stiff competition,” Genting Singapore said in Tuesday’s filing.

It added: “In recent months, the macro-economic ecosystem has been altered to an extent that the gaming industry has to adjust to a new norm. Resorts World Sentosa has been reorganising its gaming programmes to focus marketing initiatives towards the foreign premium mass and mass-market segments.”

Analysts have said China’s crackdown on corruption has kept Chinese high rollers in check and away from gaming tables. Chinese visitors are viewed as an important target group for Singapore’s casino resorts.

The group said it had invested SGD195.4 million in relation to the development of a casino resort in South Korea’s Jeju Island. Genting Singapore broke ground on February 12 on the US$1.8-billion Resorts World Jeju, which will open progressively from 2017.

The casino operator is also carrying out preliminary studies in relation to plans to invest in Japan if casino gambling is legalised there. “We have been closely evaluating the process and environment, and commenced preliminary studies,” it said.

Genting Singapore has set up several subsidiaries in Japan in the likelihood that the country will legalise casino gaming, but such proposal has yet to be introduced during the current parliamentary session.


  • tweet
Related articles
  • LVS amends US$1.5bln loan facility, dividends restricted
    LVS amends US$1.5bln loan facility,...

    Feb 01, 2023  

  • Chinese comeback limited impact on Singapore IRs: bank
    Chinese comeback limited impact on...

    Jan 31, 2023  

More news
  • Macau ops track earlier recovery after Jan GGR: analyst
    Macau ops track earlier recovery after...

    Feb 01, 2023  

  • Prominent locals speak in court for Tak Chun boss Levo Chan
    Prominent locals speak in court for Tak...

    Feb 01, 2023  


Latest News

Macau ops track earlier recovery after Jan GGR: analyst

Macau ops track earlier recovery after Jan GGR: analyst

Feb 01, 2023  

Most of Macau’s casino operators are likely to generate positive free cash flow in the first quarter, given the robust recovery level of mass-market gross gaming revenue (GGR) in January, relative...
Read More
Prominent locals speak in court for Tak Chun boss Levo Chan

Prominent locals speak in court for Tak Chun boss Levo Chan

Feb 01, 2023  

January travel lift, CNY sees Macau GGR up 233pct m-o-m

January travel lift, CNY sees Macau GGR up 233pct m-o-m

Feb 01, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Momentum is expected to grow as mainland China recently reopened its borders, and this presents a substantial growth potential for us as historically a large portion of our clientele came from China”

Porntat Amatavivadhana

Non-executive chairman of Donaco International



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Almost half million visitors to Macau for 7 days of CNY holsAlmost half million visitors to Macau for 7 days of CNY hols January 30, 2023
  • Macau visitor momentum kept for post CNY weekendMacau visitor momentum kept for post CNY weekend January 30, 2023
  • Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPMMacau CNY mass GGR maybe 60pct plus of CNY 2019: JPM January 31, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us