Last year the firm acquired British operator Stanley Leisure
Genting incurs us$ 272 million loss in 2007 on exceptionals
2008-02-26
Reading time 28 seg
In 2006, Genting International posted a net profit of us$ 58 million. Stanley Leisure has since been renamed Genting Leisure.
"The impairment is largely attributable to the increase in gaming duty rates by the UK government effective April 2007, after the group’s acquisition of Genting Stanley. The increase in gaming duty took the UK gaming industry by surprise as it was made without any prior consultation and indication," said Genting.
"The smoking ban which came into full effect throughout the UK from July this year has also adversely impacted the gaming business," it said.
But increased contributions from its UK gaming operations boosted revenues, rising to us$ 749.4 million in 2007 from us$ 293 million in 2006.
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