Casino operator Genting Singapore has seen a 17-fold increase in first quarter net profit, partly due to the sale of its stake of a resort in Jeju, South Korea.
The sale of the company’s 50 per cent stake in the Jeju integrated resort brought in SGD$96.3m.
Net profit was $210.2m for Q1 2017, with adjusted EBITDA in the quarter up 47 per cent year-on-year. Revenue in the first quarter was down four percent to $586.6 million, with gaming and non-gaming revenue down year-on-year.
Source: Asia Gaming Brief