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Update: Genting Singapore swings into the red in Q2 amid 'downturn' in Asia gaming
CASINO giant Genting Singapore swung into the red with a net loss of S$16.9 million in the second quarter ended June 30, 2015, from a profit of S$102.3 million in the year-ago period.
Including S$29 million apportioned to holders of perpetual securities, the gaming firm made a net profit of S$12.5 million, down 91 per cent from S$131.7 million a year ago.
Revenue fell sharply by 23 per cent to S$578.1 million, which the firm attributed to a "downturn of the gaming industry in Asia".
Resorts World Sentosa contributed a revenue of S$577.8 million, 23 per cent lower year on year due to the unfavourable global VIP premium business and rolling win percentage. This led gaming revenue to fall 28 per cent.
Genting Singapore posted a loss per share of 0.14 Singapore cent in Q2 2015 against an earnings per share of 0.84 Singapore cent previously. No dividend was recommended.