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Genting Singapore Q2 core profit falls 6%
[SINGAPORE] Casino operator Genting Singapore Plc's quarterly core profit fell 6 per cent, the fourth straight decline, due to slowing gaming revenue and fair value loss related to investment in the gaming industry.
Genting reported core earnings, or adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), of S$296 million in three months ended June 30, compared with an average estimate of S$243 million in a Reuters survey of three analysts.
Gaming revenue dropped 28 per cent, said the company, which is controlled by Malaysia's Genting Bhd. "We maintain a cautious approach in granting credit under this market condition and continue to focus on the foreign premium mass and mass market segments in the region," said the company in a statement, "Our mass gaming business continues to remain steady."