No lucky stars for Resorts World Sentosa as Q4 earnings fall 28% to $255.8 million

The roll of the dice did not favour Resorts World Sentosa (RWS), after it reported another lower quarterly earnings due to what it described as poor luck.

Its operational earnings for the fourth quarter ended Dec 31 dropped by 28 per cent to $255.8 million, as gaming revenue fell by 19 per cent to $508.6 million.

"Notwithstanding the higher volume registered in the premium gaming business, overall gaming revenue registered a drop, impacted by lower win percentages," RWS' parent company Genting Singapore announced in its financial statement on Thursday.

RWS' drop in gaming revenue was countered by a stronger showing in non-gaming activities, where turnover rose 12 per cent to $183.9 million.

RWS saw operational earnings decline by 14 per cent to $1.17 billion for the whole of last year.

Despite the weak showing in RWS's core gaming segment, Genting Singapore still managed to lift its fourth-quarter net profit by 5 per cent to $170 million.

This was attained on the back of lower taxation, which fell by 62 per cent to $20.3 million.

Genting Singapore's full year net profit rose by 4 per cent to $707.7 million owing to better non-gaming revenue and a higher share of profit from the sale of some British assets.

Earnings per share was 1.15 cents for the fourth quarter ended Dec 31, lower than 1.09 cents in the previous year.

Net asset value per share was 60 cents at the end of last year, compared with 54.3 cents in the year-ago period.

Genting Singapore shares closed 1.5 cents up at $1.40. It reported its earnings after markets closed.