SINGAPORE, Feb 22 (Reuters) - Casino operator Genting
Singapore Plc said on Wednesday it was looking to
invest in new projects after it swung to a net profit in the
fourth quarter and announced its first-ever dividend.
Genting, whose main asset is the Resorts World at Sentosa
casino complex, earned S$262 million ($209 million) in
October-December, reversing from a loss of S$150 million a year
ago when it booked losses from discontinued operations.
The Singapore casino made S$398.8 million ($317 million) in
adjusted earnings before interest, tax, depreciation and
amortisation (EBITDA) last quarter, up from S$384.7 million a
year ago. The fourth quarter result was also better than the
S$374.8 million EBITDA reported in July-September.
Resorts World at Sentosa's EBITDA was, however, lower than
the $426.9 million reported by Singapore's other casino Marina
Bay Sands for the three months ended December.
Marina Bay Sands, owned by Las Vegas Sands, and
Resorts World at Sentosa are the world's second and third most
expensive casino complexes after MGM's CityCentre in Las Vegas,
and their profits and margins are among the highest globally.
Gaming revenue at Resorts World at Sentosa slipped during
the fourth quarter from a year ago but non-gaming revenue rose
16 percent.
Q4 results for Singapore's two casino-resorts
Resorts World Sentosa Marina Bay Sands
Market share 49.4 pct 50.6 pct
Net revenue S$786.3 mln ($626 mln) $806.9 mln
adjusted EBITDA S$398.8 mln ($317 mln) $426.9 mln
EBITDA margin 50.7 pct 52.9 pct
Looking ahead, President and Chief Operating Officer Tan Hee
Teck said Genting, part of Malaysia's Genting Group, is
evaluating possible investments in new projects that provide
revenue growth and net income streams.
"The continuing uncertain economic climate also presents
some potentially attractive investment opportunities," he said.
Genting is also planning to issue perpetual capital
securities and has received a rating of Baa1 from Moody's and A-
from Fitch, the highest for any gaming company in the world, the
casino operator said.
Genting will pay a dividend of one Singapore cent per share.
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