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Genting Singapore (G13.SI) Quarter 2 earnings 34% on-quarter

Genting Singapore (G13.SI) Quarter 2 earnings 34% on-quarter

Genting Singapore (G13.SI) said on Friday that gross earnings from its casino-resort

in the second quarter fell 34 percent from the

previous three months, lagging behind rival Marina Bay

Sands, as it was hit by lower win percentages in its premium

players segment. Resorts World at Sentosa made S$352.5 million ($290.9

million) in earnings before interest, tax, depreciation and

amortisation (EBITDA) in April-June, down 33 percent from

the S$524.6 million reported for the year ago period. This was also 34 percent lower than the S$537.9 million

it earned in the first quarter of this year. Its EBITDA was lower than the $405.4 million

reported by Marina Bay Sands, Singapore’s only other casino

owned by Las Vegas Sands , for the same period. Resorts World’s net revenue for the second quarter was

S$716 million, 22 percent lower than the preceding

quarter due to unfavourable win percentages for its premium

players segment, Genting said. Singapore legalised casino gaming and allowed the building

of two massive casino-resorts in 2005 as part of a plan to boost

tourism. Genting’s $4.8 billion Resorts World on Sentosa island

opened its doors in February last year, while the $5.5 billion

Marina Bay Sands started two months later. The Singapore casinos are the world’s second and third most

expensive casino complexes after MGM’s CityCentre in Las Vegas,

and their profits and profit margins are among the highest

globally. Las Vegas Sands Corp swung to a net profit of $367.6 million

in the second quarter, bolstered by improved business in Macau

and Singapore, the world’s two most lucrative gambling markets.

Q2 results for Singapore’s two casino-resorts Resorts World Sentosa Marina Bay Sands

Market share 44 percent 56 percent

Net revenue S$716 mln ($590.8 mln) $737.6 mln

EBITDA S$352.5 mln ($290.9 mln) $405.4 mln

EBITDA margin 49 percent 55 percent

Resorts World had a 55.8 percent market share by revenue in the

first quarter of 2011, compared with 44.2 percent for Marina Bay

Sands.

($1 = 1.212 Singapore Dollar)

Source: Reuters

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