Genting Singapore released its financial report for the first quarter and the figures posted are not very welcoming. The company registered a loss of 5.4 percent on its year on year profit. The gross revenue also slipped by a similar margin.
Genting Singapore grossed $150.7 million in revenue for the first quarter which is 5.1 percent or $159.3 million down from the revenues it generated during the same period the previous year.
The company owns and operates one integrated resort, Resorts World Sentosa in the country. The only other casino resort in the country, Marina Bay Sands is operated by the US based gambling giant Las Vegas Sands Corp.
Gaming revenue slipped 7.9% year-on-year to $315.6 million in the first quarter. The company had grossed $342.8 million for the same period last year. The non-gaming revenue grew by 1% to $153.5 million.
In its statement, the company said: “The group continued to perform healthily in the first quarter of 2019. Non-gaming business registered its eighth consecutive quarter of year-on-year revenue growth with higher spend per visitor. Our key attractions drew in a daily average visitation of over 19,000.Notwithstanding challenges from both the local and regional economies, the group continues its marketing efforts especially towards the regional premium mass segment.”
The company’s bad debts stood at $8.1 million, 34 percent more than what it was at the same time last year.
However, despite a dip in profits, analysts say that the company performed par expectations, thanks to the VIP win rate of 3.3 percent which helped Genting Singapore to limit its profit cut.