Genting Singapore Q3 core earnings fall 19pc, in line with estimates
SINGAPORE, Nov 12 – Genting Singapore PLC , which owns one of Singapore’s two multi-billion-dollar casino complexes, said today its third quarter core earnings fell 19 per cent, hurt by a lower win rate in its premium player business, but was in line with analyst expectations.
Genting Singapore made S$303.2 million (RM758.72 million) in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), or core earnings, for July-September, down from S$372.1 million a year earlier.
This was roughly in line an average estimate of S$306 million, according to five analysts surveyed by Reuters.
Genting Singapore’s EBITDA was lower than the US$260.8 million (RM799.09 million) reported by Singapore rival Marina Bay Sands, owned by US casino giant Las Vegas Sands, in the third quarter.
Genting Singapore said its gaming revenue in July-September fell 20 per cent from a year ago.
Marina Bay Sands and Resorts World are the world’s second- and third-most expensive casino complexes after MGM’s CityCenter in Las Vegas, and their profits and profit margins are among the highest globally. – Reuters