Genting SP: (S$0.755) 1Q16 clobbered by bad debt, FX even as casino luck improves
- 1Q16 net profit of $10.8m (-83% y/y) on revenue of $608m (-4.9%)
- VIP continued to languish with volume shrinking although win rate was higher
- Mass gaming held steady, supported by slot GGR.
- Hit by record bad debt provision of $92.4m and FX loss of $41.2m
- Little visibility on bad debt charges although sequential improvement in performance on increased tourist arrivals could support
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