Casinos Gamblers Lost More Than S$5.66 Bn To RWS & MBS During FY 2011

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View attachment RWS n MBS.pdf




RWS sees profit growth, but lags behind MBS

By Jonathan Kwok
Resorts World Sentosa (RWS) lifted operating profit and its parent Genting Singapore announced its first dividend - but it was unable to wrest back the title of the top dog in the local gaming industry.

The integrated resort's operating profit for the three months to Dec 31 came in at $405.9 million, up 4 per cent from a year ago.

The results were boosted by growth in the non-gaming business, including the hotels and Universal Studios Singapore, which attracted about 10,250 visitors daily over the three months, with each spending an average of $86.

Non-gaming revenues for the fourth quarter increased 16 per cent to $137.7 million.

 

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Re: Casinos Gamblers Lost More Than S$5.66 Bn To RWS & MBS During FY 201

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

Genting, whose main asset is the Resorts World at Sentosa casino complex, earned S$262 million, reversing from a loss of S$150 million a year ago. -Reuters

Wed, Feb 22, 2012
Reuters

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.
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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.