Shares of Genting Singapore fell as much as 2.3% to its lowest in nearly two years, after rival Las Vegas Sands’ second-quarter earnings miss raised concerns over the Singapore casino operator’s results.
By 10:22 a.m., Genting shares were 1.6% lower at $1.26, with 30.2 million shares changing hands, compared to its full-day average volume of 35.2 million shares over the last five sessions.
Las Vegas Sands said its net income fell to 240.6 million, missing forecasts, as its “hold,” or money won from gamblers, fell at its casinos in Las Vegas, Macau and Singapore.
Weak results at LVS’ Singapore casino Marina Bay Sands is likely to weigh on Genting’s shares, Citigroup said in a note.
Marina Bay Sands reported property earnings before interest, taxes, depreciation and amortisation of US$330 million ($414 million), which missed Citi’s US$400 million estimate.
The brokerage said it expects LVS’ casino to continue gaining market share in the mass-market segment in Singapore, but sees Genting’s rival casino Resorts World Sentosa capturing 51% of the VIP volume in the second quarter.
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