Singapore - Genting S'pore records $262mil profit, eyes investments

SINGAPORE - Casino operator Genting Singapore Plc said on Wednesday it was looking to invest in new projects after it swung to a net profit in the fourth quarter and announced its first-ever dividend.

Genting, whose main asset is the Resorts World at Sentosa casino complex, earned S$262 million in October-December, reversing from a loss of S$150 million a year ago when it booked losses from discontinued operations.

The Singapore casino made S$398.8 million in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) last quarter, up from S$384.7 million a year ago.

The fourth quarter result was also better than the S$374.8 million EBITDA reported in July-September.

Resorts World at Sentosa's EBITDA was, however, lower than the $426.9 million reported by Singapore's other casino Marina Bay Sands for the three months ended December.

Marina Bay Sands, owned by Las Vegas Sands, and Resorts World at Sentosa are the world's second and third most expensive casino complexes after MGM's CityCentre in Las Vegas, and their profits and margins are among the highest globally.

Gaming revenue at Resorts World at Sentosa slipped during the fourth quarter from a year ago but non-gaming revenue rose 16 per cent.

Looking ahead, President and Chief Operating Officer Tan Hee Teck said Genting, part of Malaysia's Genting Group, is evaluating possible investments in new projects that provide revenue growth and net income streams.

"The continuing uncertain economic climate also presents some potentially attractive investment opportunities," he said.

Genting is also planning to issue perpetual capital securities and has received a rating of Baa1 from Moody's and A- from Fitch, the highest for any gaming company in the world, the casino operator said.

Genting will pay a dividend of one Singapore cent per share.

Reuters

Business & Investment Opportunities

YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.