Shares of casino operator Genting Singapore (GENS.SI) fell as much as 4.1% on Wednesday as traders expected the firm to report lower second-quarter earnings and rival Marina Bay Sands to gain more market share.
At 11:07 a.m., Genting shares were down 2.5% at $1.785 on a volume of 104.8 million shares. The stock was the highest traded both by value and volume so far.
“Our recent channel checks suggest an uninspiring second quarter gaming trend, with MBS likely to gain significant market share,” Deutsche said in a report.
At 11:07 a.m., Genting shares were down 2.5% at $1.785 on a volume of 104.8 million shares. The stock was the highest traded both by value and volume so far.
“Our recent channel checks suggest an uninspiring second quarter gaming trend, with MBS likely to gain significant market share,” Deutsche said in a report.
The bank expects Genting’s second quarter EBITDA to be around $332 million , a 34% fall quarter-on-quarter, citing factors such as seasonality, lower win rate in the VIP segment and more intense competition in the mass market.
It also forecast Genting’s rival, Marina Bay Sands (LVS.N), to gain significant market share, up from 40% in the first quarter.
Deutsche downgraded Genting to hold from buy and lowered its target price to $1.90 from $2.43.
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