Singapore's Genting Casino Hurting as Gambling Debts Sour: ChartBy
Unpaid gambling loans may deal Genting Singapore Plc its steepest profit decline since 2009, tumbling 72 percent to S$143 million ($102 million) in 2015 and missing consensus estimates by about half due to debt provisions, according to Deutsche Bank AG analyst Jeffrey Ng. Singapore doesn’t allow so-called junket operators to lend money to high-stakes VIP gamblers, so its casinos are more exposed to bad debts unlike those in Macau. Southeast Asia’s biggest casino operator, due to report results after market closes Thursday, is also hurting from a gambling slump as Chinese high rollers curb spending to avoid scrutiny amid Beijing’s heightened crackdown on corruption.
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