Business

Genting Singapore Q3 core earnings fall 19pc, in line with estimates

November 12, 2012

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. – Reuters picGenting 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. – Reuters picSINGAPORE, 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

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