Scaling down on VIPs boosts Genting Singapore's Q3 earnings

Singapore

THE strategy of focusing on boosting its profit margins and cutting back on its bid to lure high-rollers has paid off for Genting Singapore, the casino operator said as it recorded a surge in third-quarter net profit despite a slide in revenue.

Earnings for the three months ended Sept 30, 2016, rocketed 187.2 per cent to S$106.9 million from the previous year's S$37.2 million, the group said in a Singapore Exchange filing on Thursday.

This came despite revenue dropping 8.6 per cent to S$581.5 million from S$636 million in the year-ago period, as the group chalked up reductions in cost of sales, administrative expenses, selling and dist…