Genting Singapore recently released its profit report for the second quarter of the year and showed a substantial gain over the same period last year. Whereas the casino operator’s net profits for the second quarter last year were $104.8 million, there was an improvement this year to $129.6 million. This is especially strong given the fact that Genting Singapore showed a 6% decline in revenue during the same period.

EBITDA (earnings before interest, taxation, debt and amortization) on the property fell by 8% year-on-year to close at $200.3 million. Gaming revenue was fell, dropping 8% from the same period last year to $297 million. No information was provided over VIP and mass market operations.

According to the brokerage firm Sanford C. Bernstein Ltd., “Management said that the company continued to extend more credit (prudently) to VIP players, leading to robust VIP volume growth during the quarter (volume +27% year-on-year, VIP gross gaming revenue +10?% year-on-year), but hold was low at 2.6 percent.”

Zhen Gong, Vitaly Umansky and Kelsey Zhu, analysts for Bernstein, added, “Mass revenue had been impacted by competition from Marina Bay Sands and casinos in other markets, with table drop +11 percent year-on-year (+16 quarter-on-quarter) and slots handle increase 6 percent year-on-year (-1 percent quarter-on-quarter), but what appears to be low hold negatively impacting mass tables gross gaming revenue.”