Genting International has booked a 91 per cent drop in profits for the first quarter of 2008, due to lower business volume at its UK casino operations as well as higher bad debts.
Earnings for the international resorts and gaming group totalled US$4.4m in the first three months of the year, compared to $49.4m in the comparable period of 2007.
Genting attributed the decline to lower patronage in its UK casinos, which was exacerbated by the weakening of the pound sterling against the Singapore dollar.
As the largest casino operator in UK, the group said it will introduce measures to reduce operating costs to help cushion the effects of softer market conditions from the slip in consumer confidence.
