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Genting Singapore Q1 core profit slides, sees stressed premium market

Reuters

SINGAPORE, May 14 (Reuters) - Casino operator Genting Singapore Plc's first-quarter core profit fell 43 percent on the year due to weakness in the premium gaming market, which the company expects to persist.

Genting's core earnings, or adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), fell 43 percent on the year to S$228 million ($172.85 million) in the first quarter, below an average estimate of S$322 million in a Reuters survey of five analysts.

Like its rival Las Vegas Sands' Marina Bay Sands, Genting is trying to improve its appeal to mass-market players as it battles a slowdown in its high-roller business amid weakness in the Chinese economy.

Genting, which operates the Resorts World Sentosa (RWS), is opening a new 557-room hotel from this month in the Jurong district of Singapore, which is expected to help drive more visits to RWS. ($1 = 1.3191 Singapore dollars) (Reporting by Rujun Shen and Aradhana Aravindan; Editing by Muralikumar Anantharaman)