Genting’s net profit plunged 30% to $118.9m in Q4

Due to a VIP player dearth.

Mainboard-listed integrated resort operator Genting today reported that its net profit plunged 30% to $118.9m in the fourth quarter, as a dearth of VIP players impacted its gaming revenue.

Genting’s gaming revenue fell 9% to $461.3m. The group stated that its"premium player market segment was impacted by significant below average win percentage and rolling volume”.

“The business environment around us has changed rapidly and we face stiff competition. In recent months, the macro-economic ecosystem has been altered to an extent that the gaming industry has to adjust to a new norm,” Genting stated.

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