Genting UK reports revenue jump
The casino operator reported a £40 million rise in revenue for its latest financial year.
UK.- Birmingham-headquartered Genting UK has released its latest financial year report, in which it details that its revenues totalled £337.7 million for the year to December 31, 2017, up from the £300.9 million posted in 2016.
The company that runs Resorts World Birmingham (RWB) decreased its pre-tax profits from £23.1 million to £8.6 million. The board released a statement that said: “In 2017, revenue increased by 64 per cent over the prior year in the high-end division but fell by 7 per cent in the core division. RWB revenue remained relatively flat, whilst the group also benefitted from £8.6 million of additional revenue on the acquisition of the Interactive business from Genting Alderney.”
The board also said that the UK casino market has faced headwinds during the course of 2017 due to increased regulatory pressure, weakened consumer confidence in the face of Brexit and inflationary pressure. “An industry-wide intensification of KYC procedures has led to reduced play in some clubs. However, the business has remained resilient against this challenging backdrop with total casino revenues growing by five per cent as it continues to benefit from strategic changes implemented in previous years.”
“The focus of the group over the coming year includes strengthening the group’s position in the core business segment and improving business efficiency.”
