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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.