BUSINESS

Genting profit falls; Marina Bay Sands TV series; Euro 2012 boosts Thai economy

TAGs: Euro 2012, Genting Bhd, Marina Bay Sands, thailand

marina-bay-sands-genting-thailand-euro-2012-bettingGenting Bhd., the Malaysian conglomerate with extensive holdings in plantations, power generation and property development as well as being the parent company of casino operator Genting Singapore, saw net profit fall 15.8% in Q1 2012. The fall is based in part on decreased business from premium players at its subsidiary’s Resorts World Sentosa operation. Genting Singapore’s 33% drop in Q1 profit to S$205.5m ($160m) contributed to a 9.6% fall in Genting Bhd.’s overall revenue to MYR4.4b ($1.38b) and net income of MYR693.6m ($219m). Genting Malaysia Bhd, which operates casinos in Malaysia, the UK and the US (including the recently opened Resorts World operation at New York’s Aqueduct racetrack) saw revenue fall 2.6% to MYR1.9b ($596m) while net profit was down 36% to MYR270.7m ($85m).

Resorts World Sentosa’s crosstown rival Marina Bay Sands will be the subject of an eight-episode series on the Biography Channel. Marina Bay Sands 24/7 will take a behind the scenes look at how the resort’s 9,000 employees keep the operation humming, er, 24/7. The series debuts on Thursday May 31 (check your local listings) but viewers will have until June 30 to enter a contest for a two-night stay at the joint, which includes a private behind the scenes tour. Contest details at www.biochannelasia.com.

In Thailand, the University of the Thai Chamber of Commerce (UTCC) expects the UEFA Euro 2012 competition to produce betting turnover of Bt41.7b ($1.3b). The Asia News Network says that would be a whopping 63.6% higher than the amount Thai sports bettors splashed out on the FIFA World Cup in 2010. The UTCC Economic and Business Forecasting Center arrived at the figures via a survey of 1,196 respondents, 43% of which said they planned to make a bet on the matches. That’s up from 30% from a similar survey in 2008. The average amount bettors were prepared to part with was expected to be around Bt8,138 ($254). And the number one reason cited for placing a wager? Fun. (Told ya.) In addition to the betting bounty, Euro 2012 is expected to generate a further Bt 19.67b ($616m) in food, drink and party spending, plus Bt2.25b ($70.5m) on new TV sets and cable installations, and Bt1.29b ($40.4m) on souvenirs and such. All told, Euro 2012 will generate Bt64b ($2.13b) of economic activity in Thailand. Play ball!

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