Genting Singapore’s third-quarter profit declined 42% as lower premium gambling activity and renovation-related limits on operations weighed on Resorts World Sentosa, the company’s Singapore resort, The Straits Times reported.
Net profit was S$54.7 million for the three months through Sept. 30, while revenue fell 13% to S$566.1 million, according to the company’s Nov. 12 business update cited by the newspaper. Both measures were lower than in April-June.
Renovation work has reduced the resort space available for operations and contributed to lower visitor traffic and spending, The Straits Times reported. The project covers hotels, gaming venues, lounges, restaurants and other guest areas; it is expected to continue through 2027. Genting expects the changes to improve its hotels and strengthen the resort’s longer-term appeal, the paper said.
Casino revenue fell 22% year over year to S$315 million. Genting attributed the decline to less activity by premium gamblers and said the casino kept a smaller share of wagers than usual in September; it described that pattern as consistent with key regional markets.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at S$161.8 million. The company said it would have been about S$36 million higher if the casino had captured its usual proportion of premium wagers.
Outside gaming, revenue rose 1% from a year earlier to S$250.9 million despite fewer hotel rooms being available. That was up 29% from the April-June quarter.
Genting Singapore shares fell more than 6% to 57 Singapore cents by noon Friday in Singapore (11 p.m. ET Thursday, Nov. 12), The Straits Times reported. To attract premium guests during the year-end holiday period, the operator is pairing marketing campaigns and events with new openings at Weave, the resort’s retail and dining precinct, according to the newspaper. The holiday push is taking place as renovation work continues to limit the space available for resort operations.
