Genting hit with painful $16.9m loss in Q2 as Resorts World loses high-rolling clients

Gaming revenue fell steeply by 28%.

Resorts World Sentosa is no longer the high-rolling gambler’s paradise that it once was, and its operator Genting Singapore sank into the red in Q2 as VIP clients vanished from its flagship resort.

Genting reported a net loss of $16.9m in Q2, a far cry from its net profit of $102.3m in the same quarter last year.

The gaming giant said that Resorts World Sentosa’s revenue fell 23% to $577.8m, while overall gaming revenue dropped by a steep 28%.

Genting warned that its core premium gaming business will remain under pressure in coming quarters, but took comfort from the fact that is mass-market operations remained stable.

“The gaming industry remains weak. We maintain a cautious approach in granting credit under this market condition and continue to focus on the foreign premium mass and mass market segments in the region. Our mass gaming business continues to remain steady,” Genting said in a statement.