SINGAPORE: Genting Singapore’s net profit to plunged 73 per cent from a year ago to $62.7 million for the first quarter, while revenues fell 23 per cent to $639.2 million, due to continued weakness in its premium player business.
“Our premium gaming business continues to come under stress due to regional environmental factors. We do not expect any respite in the medium term, and are re-structuring our operational and marketing organisation to adjust to this change,” the gaming company said.
“Additionally, in such circumstance, we have adopted a cautious approach in granting credit in this market segment and will be prudent in providing for our receivables. The year ahead will be challenging,” it added.
Bad debt provisions for the first quarter swelled to nearly $76.3 million from $58.7 million a year ago.
