November 11, 2010 / 10:52 AM / 9 years ago

Genting Singapore Q3 net slightly down from Q2

SINGAPORE, Nov 11 (Reuters) - Earnings by Genting Singapore (GENS.SI), which operates one of the two casinos in the city-state, fell slightly in the quarter ended September from the previous quarter, but overall revenues at the two gaming resorts remain healthy.

Genting Singapore posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of S$347.6 million in the third quarter, down from S$503.5 million in the three months ended June.

The Singapore casino recorded revenues of S$731.8 million in the third quarter, a decrease from S$860.8 million in the second quarter.

Singapore legalised casino gaming in 2005 and its two multi-billion-dollar casino-resorts began operating earlier this year — Resorts World in February and Las Vegas Sands’ (LVS.N) Marina Bay Sands in April. Marina Bay Sands, a $5.7 billion casino resort, generated $241.6 million in EBITDA for the quarter ended September. [ID:nN27220297]

CLSA estimates the size of Singapore’s casino market could match the Las Vegas strip by next year.

The brokerage expects Singapore’s casino market to be worth $6.5 billion by 2011, matching the Las Vegas Strip, before surpassing Sin City in 2012 with a market size of $8.1 billion, said Jon Oh, an analyst at CLSA.

“Both Las Vegas Sands and Genting understand the Asian market better than others and they both know how to deepen spending at their casinos,” Oh said. (Reporting by Kevin Lim and Charmian Kok, editing by Raju Gopalakrishnan)

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