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Genting Singapore revenue drops in Q3

Genting Singapore revenue drops in Q3
Genting Singapore revenue was down, as well as its financial performance overall during the 3Q.

Genting Singapore revealed its revenue fell 7% during the third quarter, as well as its profit, which plunged 24% in comparison with 2018.

Singapore.- One month into the final quarter of 2019, official figures for the previous one begin to show. That’s why Genting Singapore informed its revenue, profit and other indicators were down during the third quarter.

The company saw revenue fall 7% to €539 million and adjusted EBITDA 13% down to €251million. Moreover, net profit plunged to €143.5 million, 24% down year on year.

“Despite the modest growth outlook for Singapore and the weakness in the global economy, RWS continues to generate a steady stream of income for the group,” the company said.

Furthermore, Genting Singapore announced its expansion plans despite revenue dropping. It said it may begin construction in the second half of next year. 

“Beginning with the Adventure Dining Playhouse which is scheduled to open late next year, visitors to RWS can look forward to an exciting lineup of new attractions and business venues unveiled every year over the next 5 years,” it said.

2Q performance

The second quarter of 2019 was bittersweet for casino company Genting Singapore. Profit dropped 5.2% to €109.9 million, even as revenue was 13.6% higher year-on-year.

In a recent filing, the company revealed revenue of €636.8 million, but Genting’s profit was still down. EBITDA rose as well by 10.7% year-on-year to approximately €192.2 million. Gaming revenue of €288 million was also up 21.7%.

“Favourable rolling win percentage in VIP gaming business largely drove the group’s revenue and adjusted EBITDA,” Genting Singapore said. All details were revealed in a filing to the Singapore Exchange.

Genting’s profit decline would’ve been higher “if not for the high rolling win percentage in the VIP rolling business segment” at Resorts World Sentosa. “On a hold-normalised basis, the group would have generated an adjusted EBITDA of approximately SGD230 million, a decline of 20 per cent,” the company added.

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