SINGAPORE: Genting Singapore reported a sharp drop in first-quarter earnings despite relatively stable revenue, as rising operating costs and global economic pressures weighed on its performance.
For the three months ended March 31, the integrated resort operator posted revenue of $607.6 million, down 3% from the same period a year earlier. However, net profit fell much more steeply, plunging 55% year-on-year to $65.2 million as expenses climbed.
Gaming revenue declined 8% to $403.4 million during the quarter, although Genting Singapore said business momentum had picked up towards the end of the reporting period.
Meanwhile, non-gaming revenue rose 8% to $204 million, supported by stronger visitor traffic at its attractions.
In its business update, the company pointed to ongoing geopolitical tensions and global economic uncertainty as factors contributing to mounting operational challenges.
“The ongoing conflict in the Middle East and current geopolitical developments have increased cost pressures across supply chains, including higher energy, freight and logistics expenses, while elevated airfares are weighing on travel demand and dampening consumer sentiments,” the company said.
Despite the weaker earnings performance, Genting Singapore said it remains committed to improving its offerings and driving repeat visitation through what it described as “asset optimisation” initiatives.
These include refreshing its lifestyle and dining concepts as the company continues investing in its integrated resort business.
Shares of Genting Singapore closed at 69 cents on May 12, up 1.47%.
This article (Genting Singapore’s 1QFY2026 earnings plunges by whopping 55%) first appeared on The Independent Singapore News.
