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Genting Singapore reports net loss

Genting Singapore G13.SI reports net loss

SINGAPORE: Casino operator Genting Singapore’s fourth quarter net loss widened 48 per cent to S$150.3 million because of an impairment charge it took on its discontinued UK casino operations.

However, the operator of Resorts World Sentosa managed to end the full-year with a net profit of S$37.8 million.

That compares with a loss of S$277.6 million in 2009.

Total revenue in the quarter jumped almost 60-fold to S$788.5 million, compared with S$13.4 million dollars for the same three-month period a year earlier.

Its full-year revenue stood at S$2.75 billion, a 56-fold increase from S$49.5 million in 2009, due to the commencement of Resorts World Sentosa, which is home to a casino, four hotels as well as the Universal Studios theme park.

Earlier, Marina Bay Sands, the other casino operator, reported US$560.4 million (around S$717 million) of revenue in the quarter ended December.

Resorts World opened in February last year, while Marina Bay Sands started operations in April.

Going forward, Genting said 2011 continues to be an exciting year as the resort ramps up to full completion in 2012.

-CNA/wk

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