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Genting Singapore Q3 core profit slumps 27 pct as gaming revenue falls

Reuters

SINGAPORE, Nov 11 (Reuters) - Core profit at Genting Singapore Plc slumped 27 percent in July-September, hit by a drop in revenue from VIP players with the company warning of significant challenges in the Asian gaming and tourism industry due to an economic slowdown.

Gaming revenue dropped 21 percent, with core earnings declining to S$253.9 million ($196 million) in the third quarter ended September. This was below an average estimate of S$315.6 million in a Reuters survey of five analysts.

"The Asian gaming and tourism industry is experiencing significant challenges in the face of economic slowdown in our major visitor markets and other environmental factors," the company, which is controlled by Malaysia's Genting Bhd said on Tuesday. ($1 = 1.2947 Singapore dollar) (Reporting by Anshuman Daga; Editing by Anand Basu)