Singapore casino operator Genting Singapore (GENS.SI) surged 7.2% in afternoon trade, extending earlier gains after rival Las Vegas Sands (LVS.N) reported strong earnings from its Marina Bay Sands casino in the city-state.
At 3:03 p.m., shares of Genting were up 6.9% at $1.935 with over 228.7 million shares traded. This was nearly 3 times its average daily turnover so far this year.
Las Vegas Sands said on Tuesday it swung to a quarterly net profit of US$367.6 million ($441.1 million), as it benefited from improved businesses in Macau and Singapore.
According to the U.S. casino giant, Marina Bay Sands generated adjusted property earnings before interest, tax, depreciation and amortization (EBITDA) of US$405.4 million with an EBITDA margin of 55.0 margins.
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