Genting Singapore posted net loss of $10.5 million in Q2

Casino operator Genting Singapore reported that second quarter revenue fell 17 per cent to S$480.9 million.
Casino operator Genting Singapore reported that second quarter revenue fell 17 per cent to S$480.9 million. PHOTO: ST FILE

SINGAPORE - Casino operator Genting Singapore posted a net loss in the second quarter, owing to a substantial drop in gaming revenue from its integrated resort at Sentosa.

Net loss for the three months to June 30 was S$10.5 million, narrower than the S$16.9 million net loss recorded in the year-ago period, the firm reported on Thursday.

Second quarter revenue fell 17 per cent to S$480.9 million, from S$578.1 million in the previous year.

Integrated resort Resorts World Sentosa (RWS) contributed a lion's share of the turnover at S$480.4 million - of which S$331.9 million was from its gaming business.

However, gaming revenue for the second quarter was down 23 per cent from the S$428.3 million garnered a year before, largely due to weaker business in the VIP gaming segment and a challenging Asian gaming market.

"The regional economic environment continues to be uncertain, and we continue to exercise caution with our VIP gaming business. Our regional premium mass and mass market remains steady," Genting Singapore said in the stock exchange filing.

Quarterly loss per share was 0.09 Singapore cents, compared with the loss per share of 0.14 cents in the previous year.

For the first half, Genting Singapore booked a slim net profit of S$305,000, a sharp drop of 99 per cent from a year ago, while revenue fell 11 per cent to S$1.1 billion.

Genting shares closed one cent higher or up by 1.27 per cent to 79.5 cents yesterday, before its earnings were announced.

wongsy@sph.com.sg