Genting Singapore Third-Quarter Profit Falls 42%

Genting Singapore reported that its third-quarter net profit fell 42.2% year on year to S$54.7 million. The same period last year recorded S$94.6 million, and the previous quarter S$90.9 million.

The company's revenue declined 12.9% to S$566.1 million. Most of the decrease came from gaming revenue. Resorts World Sentosa's gaming revenue was about S$315 million, 21.7% lower year on year.

The company attributed the weakness to "weaker premium gaming activity" at Resorts World Sentosa. It said this was consistent with a trend seen in its core regional markets. The unfavourable rolling win rate in September was also recorded as having weighed on revenue.

Adjusted EBITDA fell 27.4% to S$161.8 million. Genting Singapore said that if calculated using a normalised rolling hold rate, this figure would be about S$36 million higher. The shares closed at S$0.61 on Thursday before the results were announced, down 0.8% from the previous day.