Q3 income drops 24 for Genting Singapore as gaming revenue declines

Genting Singapore generated revenue of $596.1m for Q3, a 7% drop year-on-year.

Net profit fell even further for the operator, declining 24% to $158.9m.

The group attributed its drop in profit to lower revenue accumulated through its gambling operations.

Genting’s gambling sector made revenue of $360.1m, representing a drop of 11%. Its non-gaming services grew revenue to $234.6m, up 1%.

The operator reported EBITDA of $281.7m, down 11% from Q3 2018.

Genting reaffirmed its plans to move in Japan in its Q3 trading update, saying the Japanese market remains its key focus for medium term growth.

A statement from Genting said: “With offices in Tokyo and Osaka anchored by local teams, the group has been working diligently and making extensive preparation works for the formal bidding process known as Request for Proposal (RFP) to be issued by cities. We have fully responded to Osaka’s Request for Concept (RFC) and are now preparing for Yokohama’s RFC.

“The requirements and expectations of Japanese authorities are complex and of the highest standards, in keeping with the objective of creating true integrated resort that will enable Japan to achieve a quantum leap for its tourism economy.”