Analysts upbeat on Genting Singapore despite share slide
The Straits Times|November 15, 2024
They say earnings outlook is positive, given firm's plans to boost its non-gaming options
- Sue-Ann Tan
Analysts upbeat on Genting Singapore despite share slide

Genting Singapore saw its shares slide in the past week after the integrated resort operator reported a dip in third-quarter results on Nov 7.

Shares of Genting Singapore have tumbled by around 5 per cent since then, closing at 76.5 cents on Nov 14. Despite this, analysts are optimistic about the company's future earnings potential, thanks to expansion plans that involve boosting its non-gaming options amid softer casino revenues.

These include the construction of a waterfront development, which involves two new luxury hotels with a total of 700 rooms, at Resorts World Sentosa (RWS). It will break ground on Nov 15.

Genting Singapore, which operates RWS, reported a 19 per cent year-on-year drop in third-quarter revenue to $561.9 million on Nov 7. The drop was mainly attributed to lower VIP rolling volume, which refers to the total amount of wagers made by high-stakes gamblers.

Analysts said Genting Singapore's financial performance came in below expectations, but still maintained their "buy" calls on the stock.

UOB Kay Hian analyst Jack Goh noted that the non-gaming segment charted "resilient improvement".

Non-gaming revenue surged more than 20 per cent quarter on quarter, despite having a lower number of daily available rooms due to the closure of Hard Rock Hotel in early March for renovations and rebranding.

この蚘事は The Straits Times の November 15, 2024 版に掲茉されおいたす。

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この蚘事は The Straits Times の November 15, 2024 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

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