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Genting Singapore shares fall to 4-year low on weak outlook
[Singapore] Shares in casino operator Genting Singapore Plc declined 2.8 per cent on Thursday after weakness in the high-rollers' business at rival Marina Bay Sands (MBS) stoked worries of poor results at the gaming firm.
Macquarie Research said in a report that MBS' third-quarter VIP volumes could send "panic signals" in the market. "We believe the de-rating for Genting Singapore's earnings is still only halfway, and most of the street will now have to taper expectations from the local gaming market," said Macquarie, which has an "underperform" rating on Genting.
Genting shares fell to S$1.06, their weakest since June 2010. Down about 29 per cent so far this year, the stock is the worst performer in the Straits Times Index. Genting is due to report quarterly results in early November.
Las Vegas Sands reported a fall of 34 per cent in VIP volume business, to US$9.1 billion, at Marina Bay Sands in the quarter ending September. REUTERS