Genting Singapore Ltd. reported a significant drop in net profit for the third quarter of this year, falling by 24% from the same period of time in 2018. This, according to the company, was due to lower revenue accumulated from its gambling business.
This was not the only bad news reported by Genting. Revenue fell by 7% to $596.1 million while the adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was at 278 million, down 13% from the same period of time last year. Gaming revenue fell by 11% to $360.7 million, while the non-gaming revenue saw a modest gain of 1% to a total of $234 million.
ll of this information was released during a recent filing with the Singapore stock exchange. Genting explained that they were still continuing to attract affluent customers throughout the region and were continuing to grow in the Asian market.
This appears to be supported by the company’s confirmation that they intend to bid on a license to develop an integrated resort in both Yokohama and Osaka, Japan. Of its commitments, Genting asserted their assurance that they will be “delivering compelling proposals” to acquire the licenses.