SINGAPORE, Nov 4 (Reuters) - Genting Singapore PLC said its core earnings in the third quarter rose 20 percent from a year earlier, as both gaming and non-gaming businesses improved.
The company, which is controlled by Malaysia’s Genting Bhd , said its earnings before interest, tax, depreciation and amortisation (EBITDA) rose to S$335 million from S$322 million in the previous quarter.
Gaming revenue climbed 15 percent on increased visits and new VIP business, and non-gaming revenue posted a 27 percent gain from a year earlier, the company said.
Genting Singapore is seriously pursuing opportunities in the region, while a tight local labour market and strong Singapore dollar are a challenge to the company’s operations in the city-state, it added.
Genting Singapore’s Resorts World Sentosa and Las Vegas Sands’ Marina Bay Sands are the world’s most profitable casinos, though tougher rules on gambling activities in Singapore and tepid growth in business from Chinese high-rollers are weighing on business.