Singapore – VIP slump hits Resorts World SentosaBy Phil - 17 August 2015
The second quarter has slumped by 23 per cent for Resorts World Sentosa, one of two integrated casino resorts in Singapore, with the operator highlighting the VIP sector as the main reason for the downturn.
Parent company Genting Singapore said revenue came in at $578.1m for the quarter with EBIDTA pitched at $300.9m.
Genting said: “The contraction is a result of the unfavourable global VIP premium business and rolling win percentage, causing a year-on-year decrease in gaming revenue of 28 per cent. On a theoretical normalised hold basis and excluding the one-off tax refund, RWS would have generated an adjusted EBITDA of approximately $270m. The group’s net profit for the quarter was also affected by fair value loss from our portfolio investments that is related to unfavourable market conditions in gaming industry. As of this quarter, this portfolio has been significantly reduced, with realised net gains over the lifetime of these investments.”
The launch of rollercoaster Puss in Boots’ Giant Journey and the re-launch of Battlestar Galactica drove average daily attendance at its attractions to over 18,000, an increase of nine per cent, whilst the hotels reported an occupancy rate of 93 per cent.