Genting Singapore's 'J' factor lost in a glum narrative
The casino firm's unlucky streak could last a few more quarters before Jeju turns the table in its favour
THE woeful narrative on casino giant Genting Singapore, the operator of Resorts World Sentosa, is an old one. In fact, the story turned eight quarters old after it issued its first quarter to March results recently, in what was not deserving of a confetti-throwing, Prosecco-popping celebratory moment.
It should still make a wish and blow out the candles though, for the waning numbers of deep-pocketed Chinese high rollers and rising bad debt charges that have been troubling the firm since second-half 2014 to go away.
For now, these operational beefs linger as China's rich, spooked by Beijing's anti-graft policy, are staying away from its baccarat tables while souring gambling debt hit a record high in its latest quarterly results, chipping away at its bottom line.
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