Genting Q1 Profit Slips 91 Percent

14 May 2008

Genting International has reported a 91 percent decline in profit to $4.4 million from $49 million for the first quarter, compared to the same period last year. The company blames the slip on reduced action in its UK casinos and on higher bad debts.

Revenue from UK casino operations fell by $20.7 million due to weaker attendance from the smoking ban and the weakening of the British pound against the Singapore dollar.

Genting says wholly-owned subsidiary Genting Stanley Alderney will be ready to launch its online gambling site in the "later part of the second quarter of 2008."