November 12, 2012 / 10:11 AM / 5 years ago

Genting Singapore Q3 core earnings fall 19 pct, in line with estimates

SINGAPORE, Nov 12 (Reuters) - Genting Singapore PLC , which owns one of Singapore’s two multi-billion-dollar casino complexes, said on Monday its third quarter core earnings fell 19 percent, hurt by a lower win rate in its premium player business, but was in line with analyst expectations.

Genting Singapore made S$303.2 million ($247.7 million) in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), or core earnings, for July-September, dow n from S$372 .1 mil lion a year earlier.

This was roughly in line an average estimate of S$306 million, according to five analysts surveyed by Reuters.

Genting Singapore’s EBITDA was lower than the $260.8 million reported by Singapore rival Marina Bay Sands, owned by U.S. casino giant Las Vegas Sands, in the third quarter.

Genting Singapore said its gaming revenue in July-September f ell 2 0 p ercent from a year ago.

Marina Bay Sands and Resorts World are the world’s second- and third-most expensive casino complexes after MGM’s CityCenter in Las Vegas, and their profits and profit margins are among the highest globally. ($1 = 1.2241 Singapore dollars) (Reporting by Charmian Kok)

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