Thursday, 10 May 2012

Genting Singapore posts 33 pct fall in Q1 profit: Likely Gap down 2moro

SINGAPORE, May 10 (Reuters) - Genting Singapore PLC , which owns one of Singapore's two multibillion-dollar casino complexes, posted a 33 percent fall in first quarter net profit on Thursday, due to low earning gaming revenues.

The Singapore unit of Malaysia's Genting Bhd earned S$205.5 million ($163.9 million) i n the January-March period, down from S$ 305.4 million a year earlier.

Higher depreciation with the opening of new attractions in Genting's theme park in Singapore, as well as new hotels and a museum, also hit its earnings.

Its Singapore casino, Resorts World at Sentosa, made S$376.4 million ($300.24 million) in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) last quarter, down from S$528.4 million a year earlier. Genting's EBITDA was lower than the $472.5 million reported by Singapore rival Marina Bay Sands, owned by U.S. casino giant Las Vegas Sands.

Resorts World's net revenue for the first quarter was S$787 million ($627.8 million), 14 per cent below a year earlier, due to the casino's lower win percentages and business volumes in the premium player business, Genting said.

Marina Bay Sands and Resorts World are the world's second and third most expensive casino complexes after MGM's CityCenter in Las Vegas, and their profits and profit margins are among the highest globally.
Q1 results for Singapore's two casino-resorts in U.S.
dollars:

Resorts World Sentosa vs Marina Bay Sands
Market share 42.5 pct / 57.5 pct
Net revenue $627.8 mln / $848.7 mln
EBITDA $300.24 mln / $472.5 mln
EBITDA margin 47.8 pct / 55.7 pct

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