Published:
Who’s not paying their debts at Resorts World Singapore?
The last three months had a massive blowout in provisions for doubtful debts which soared to $57m as VIP gamblers keep out of their bills - that's a fact.
According to DMG, on a q-o-q basis, earnings were largely driven by a stronger 3.17% win rate in its VIP segment vs 2.66% in 2Q11, but this was balanced out by higher provisions for doubtful debts, which soared 197% q-o-q to SGD56.9m. The higher provisions were largely pre-emptive and are expected to normalize in the subsequent quarters.
DMG also noted that the group’s 3QFY11 core earnings grew 4.8% q-o-q and 31.1% y-o-y while 9MFY11 earnings and EBITDA expanded by 22.8% and 20.8% respectively.
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