Genting Singapore cuts net losses
Casino operator Genting Singapore posted a drop in revenue but managed to reduce net losses during the second quarter of 2016.
The owner of Resorts World Sentosa (RWS) announced a $10.5 million (€9.5 million) loss in the three months to June 30, but said that lower costs and administrative expenses had helped it bring that deficit down by 37% compared to the same period during 2015.
Q2 revenue fell by 17% year-on-year to $480.9 million, which Genting said was attributable to a 23% decrease in gaming revenue at its flagship Sentosa property.
For the first half of the year, the operator saw a slim net profit of $305,000, down 99% year on year, while revenue fell 11% to $1.1 billion.
“The regional economic environment continues to be uncertain, and we continue to exercise caution with our VIP gaming business. Our regional premium mass and mass market remains steady,” Genting Singapore said in a statement.
Despite the challenging conditions, the company said its Sentosa property continued to attract visitors from across the region. It said it is confident the resort will continue to “play a leading role in Singapore's tourist appeal”.
Overall occupancy for hotels at the Sentosa resort was 93%, and 95% for Genting Hotel Jurong.
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