SINGAPORE (Feb 26): Analysts are staying positive on Genting Singapore after the integrated resorts and casino operator capped off a good year on the back of an improved win rate for the VIP segment and resilience in its mass gross gaming revenue (GGR).
Genting Singapore recorded a 78% increase in full-year earnings to $685.5 million in the FY17 ended December, from $384.5 million a year ago.
FY17 adjusted EBITDA rose 47.8% y-o-y to $1.15 billion, from $779.0 million in FY16, largely on a 9.9% growth in gaming revenues and a 14.4% drop in cost of goods sold, with trade receivables impairment falling 79.5% to $48.2 million.
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