Genting Singapore Plc’s second-quarter profit fell to less than a 10th from a year earlier amid a slowing gaming industry in Asia and as the company suffered unrealized currency losses. Profit for the three months to June dropped to S$12.5 million (USD8.9 million), compared with S$131.7 million in the same period last year, the casino operator said in its earnings statement after yesterday’s market close. For the first half of this year, profit declined 73 percent to S$104.2 million. “The gaming industry remains weak,” Genting said. “We maintain a cautious approach in granting credit under this market condition and continue to focus on the foreign premium mass and mass market segments in the region.” Gambling revenue in Macau and Singapore, Asia’s biggest casino markets, has shrunk as high rollers from China curb spending.
Bloomberry plunges 11pct on higher casino costs
Bloomberry Resorts Corp. fell 11 percent to its lowest since November 2011 after the casino operator’s loss in the three months ended June widened from a quarter ago amid higher costs at its Solaire casino resort in Manila. Bloomberry, controlled by Philippine billionaire Enrique Razon, posted a net loss of 773.5 million pesos (USD16.8 million) in the second quarter, compared with a net income of 846.6 million pesos a year earlier, according to a stock exchange filing. The net loss for the quarter ended March was 533.1 million pesos. The loss comes two days after Melco Crown’s Philippine unit said it suspended work for about 100 employees due to higher cost of operations and slow arrival of gamers from China. However, the local gaming regulator said in July industry revenue could rise 20 percent in 2015 even as China’s graft crackdown hurt casinos in other parts of Asia.
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