Genting Singapore, which operates one of the city-state’s two mega casinos, reported its losses rose 12-fold in the three months to March, hurt by impairment losses on its UK casino operations.
Genting Singapore, a unit of Malaysia’s Genting Bhd, reported late on Thursday a net loss of S$396 million ($286.5 million) for the first quarter, widening from S$32 million a year ago.
Resorts World at Sentosa, its $4.8 billion Singapore casino resort which opened on Feb. 14, achieved earnings before interest, tax, depreciation and amortisation of S$109 million.
Resorts World is being opened in stages and currently comprises a casino, four hotels, a few restaurants and shops, and a Universal Studios theme park. When fully completed, the complex will have another two hotels, spas and a maritime park with one of the world’s largest aquaria.
Rival Marina Bay Sands, owned by U.S. casino firm Las Vegas Sands, opened partially on April 27.
Las Vegas Sands CEO Sheldon Adelson has said he expects the $5.5 billion Singapore property to generate EBITDA of over $1 billion in its first full year of operations.