Luck eludes Resorts World Sentosa, Manila operators in Q1

The losing streak of casino operator Genting Singapore continues in the first quarter of 2016 as its net profit for the first three months swung to 83 percent net loss on a large foreign exchange loss, higher bad debt provisions, finance and other costs.

Singapore Business reported the earnings of Genting, which operates the Resorts World Sentosa (RWS) integrated resort, slumped to S$10.8 million (US$7.89 million) compared to a year ago, when it had turned in a net profit of S$62.7 million (US$45.6 million). This is the fourth consecutive quarter that the company’s income fell since second quarter of last year.

Turnover fell 5 per cent year on year to S$608.01 million (US$ 443.80 million), dragged down by a 9 per cent slide in gaming revenue to S$450.54 million (US$328.80 million).

Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) of Genting came in at S$192.5 million (US$ 140.5 million) in the first quarter, down by 16 percent from the prior-year period.