Reuters reported that GENTING Singapore recorded higher than expected revenue from its casino in the city-state, but it now lags rival Marina Bay Sands in terms of profitability.
Genting Singapore said its Resorts World Sentosa casino-resort had adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $389.8 million on revenues of $775.2 million for the three months ended December. This was slightly below the $391.3 million reported by Las Vegas Sands for its Singapore casino.
The Marina Bay Sands’ revenue for the three months, however, was lower at around $717.1 million.
”The improvement in revenue is substantially contributed by the increase in the volume of premium players’ business,” Genting said in a statement.
It added its EBITDA could have been higher but for the “lower luck factor” in its VIP business compared with the third quarter. (Reuters)
With the Marina Bay Sand’s performing ahead of its counterpart at Genting, it makes the resignation of Marina Bay Sands CEO Tom Arasi that much more puzzling. Certainly it had nothing to do with performance. So just how difficult of a task was it to work in harmony with Sheldon Adelson?
Even though Genting lags behind Marina Bay Sand’s, it’s not like it’s losing money. In fact, Mr. Adelson, after describing the demand for casinos as unending; now wants Singapore’s government to sell him some more land.