Genting Singapore Casino Profits Tumble

Genting Singapore Casino Profits Tumble The US$4.93 billion Genting Singapore resort is the envy of the global casino industry being just one of two gambling venues allowed to operate in the island state. Nevertheless, the Genting Singapore’s Resorts World Sentosa latest quarterly profit results for January-March have revealed a dramatic fall in EBITDA to S$249.7 million from S$381.4 million for the same period a year earlier.
Apparently, a major factor causing the decline in core earnings was simply high-rolling gamblers getting lucky during the quarter. Consequently, Genting Singapore saw its revenue tumble 15% to S$669.6 million, while net profit slid 31.3% year-on-year to S$145.4 million.
In terms of visitors, Resorts World Sentosa’s Marine Life Park received 7,400 average daily visits compared to 7,100 in the previous quarter; while Universal Studios Singapore recorded 8,400 average daily visits down from 11,100 in Q4 2012. However, hotel occupancy rate provided a glimmer of good news during the quarter, and reported a slight increase to 92% from 91% in Q4 2012, even though average hotel room rates dropped to S$404 from S$447.
Following release of Genting Singapore’s quarterly results, Asian securities and investment broker Maybank Kim Eng changed its share advice to “hold” from “buy,” although it raised its stock target price slightly to S$1.70 a share from S$1.67.
Despite, its 2013 and 2014 core net profit being revised down by roughly 9%, the company is hoping to benefit from a potential Japanese legalisation of casino gambling. According to investment broker Maybank: “Genting Singapore is confident that a casino bill will be passed in November, with licence bidding to commence three to six months thereafter. We understand that it is a leading contender for one. We will review our call on Genting Singapore towards the third quarter if Japan liberalises its casino industry then.”

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