Earnings hit by lower win percentage in the premium player business.

Genting Singapore saw net pro't slide 34 per cent year'on'year to $138.44 million for the third quarter ended Sept 30, 2012. Revenue was 16 per cent lower at $670.18 million, versus $796 million previously, while earnings per share for the quarter worked out to 0.90 cents, down from 1.72 cents.

Integrated resort Resorts World Sentosa (RWS) contributed revenues of $662 million and an adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) of $304 million, the resort operator said. When comparing quarter'on'quarter, overall revenue and adjusted Ebitda was hit by a lower win percentage in the premium player business.

For the nine months ended Sept 30, net pro't was down 32 per cent from $757.86 million to $515.48 million while revenue dipped 11 per cent to $2.16 billion from $2.43 billion.

Genting highlighted it will continue to add new products and events to its mix to make RWS more attractive as a destination resort. For instance, its second edition of Halloween Horror Nights in October at Universal Studios Singapore was a sell'out, while its latest production, Incanto, was launched in the 'rst week of this month to "encouraging audience response".

In face of the soft demand for the local gaming sector, Resorts World would have to continue upsizing marketing efforts to complement its full opening in 2013 and increase visitors to its new attractions. Its
recent partnership with Wego, a leading travel metasearch site in the APAC and the Middle East, may also increase foreign visits to Resorts World with a wide audience on the Wego country sites.

Source: AmFraser