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SINGAPORE (Reuters): Genting Singapore PLC, which owns one of Singapore's two multibillion-dollar casino complexes, posted a 33% fall in first quarter net profit on Thursday, due to lower gaming revenues. The Singapore unit of Malaysia's Genting Bhd earned S$205.5mil (US$163.9mil) in the January-March period, down from S$305.4mil 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$376.4mil ($300.24mil) in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) last quarter, down from S$528.4mil a year earlier.
Source: Reuters.
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