Genting's second quarter gross earnings fell 34 % on-quarter

Resorts World at Sentosa made us$ 290.9 million in earnings before interest, tax, depreciation and amortisation (EBITDA) in April-June, down 33 % from the us$ 431.8 million reported for the year ago period.

This was also 34 % lower than the us$ 442.8 million it earned in the first quarter of this year. Its EBITDA was lower than the us$ 405.4 million reported by Marina Bay Sands, Singapore's only other casino owned by Las Vegas Sands , for the same period.

Resorts World's net revenue for the second quarter was us$ 589.4 million, 22 % lower than the preceding quarter due to unfavourable win percentages for its Premium players segment, Genting said.

Singapore legalised casino gaming and allowed the building of two massive casino-resorts in 2005 as part of a plan to boost tourism. Genting's us$ 4.8 billion Resorts World on Sentosa island opened its doors in February last year, while the us$ 5.5 billion Marina Bay Sands started two months later.

The Singapore casinos are the world's second and third most expensive casino complexes after MGM's CityCentre in Las Vegas, and their profits and profit margins are among the highest globally.

Las Vegas Sands swung to a net profit of us$ 367.6 million in the second quarter, bolstered by improved business in Macau and Singapore, the world's two most lucrative gambling markets.