Genting Singapore (GENS.SI) reported on Tuesday higher 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 S$391.3 million reported by Las Vegas Sands (LVS.N) for its Singapore casino. The Marina Bay Sands’ revenue for the three months, however, was lower at US$560.4 million ($715.2 million) or 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.  

Genting did not provide unadjusted EBITDA for its Singapore casino but at the group level, unadjusted EBITDA was $313.6 million, down from $347.8 million in the third quarter and below the $366.5 million average estimate of five analysts polled by Reuters.

 

Singapore legalised casino gaming in 2005 and allowed the building of two multi-billion-dollar casino resorts in a bid to double visitor arrivals to 17 million by 2015.

 

Resorts World opened in February last year, while Marina Bay Sands started operations in April.

 

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