Genting Singapore saw its revenue decline 6% in 2Q18 to SG$560.3 million, impacted by low hold in both the VIP and mass segments.
Gaming revenue was down 8% for the quarter to SG$406.1 million, with mass table revenue at Resorts World Sentosa falling 15% to around SG$193 million despite an 11% increase in table drop. Likewise, while VIP revenue actually increased 10% to SG$205 million, a win rate of 2.6% proved telling given that rolling chip volume grew by 27% on the same period in 2017.
Non-gaming revenue also declined 6% year-on-year to SG$154 million, with Adjusted EBITDA down 6% to SG$266 million. Net profit grew 3% to SG$177.6 million.
According to analysts at brokerage Sanford C Bernstein, Resorts World Genting gained VIP share for the quarter due to poor volumes at rival Singapore IR Marina Bay Sands buts lost mass share.
Despite low win during the three months to 30 June 2018, Genting Singapore still enjoyed growth over the first half of the year with group-wide revenue up 4% to SG$1.2 billion and Adjusted EBITDA up 8% to SG$624.8 million.
Excluding a one-off gain of SG$96.3 million counted in last year’s six month results from the sale if its share in Jeju Shinhwa World in Korea, Genting Singapore booked a 38% in net profit for 1H18 to SG$394.8 million.
The company said that visitation remains strong at Resorts World Sentosa, including an average 18,000 visitors per day and 91% hotel occupancy in 2Q18.
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