Shares of casino operator Genting Singapore fell as much as 2.8% to the lowest level in two years on Wednesday after it posted a 19% drop in third-quarter core earnings, adding to concerns about the city-state’s slowing gaming growth.
By 9:03 a.m., Genting Singapore was down 1.2% at $1.22 with more than 4.4 million shares traded.
Genting Singapore, which owns one of Singapore’s two multi-billion-dollar casino complexes, said on Monday it made $303.2 million in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the third quarter, down from $372.1 million a year earlier.
A poll of five analysts surveyed by Reuters estimated Genting Singapore would earn an average of $306 million in EBITDA.
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