Genting Bhd., Asia’s biggest publicly traded casino operator by market value, returned to profit in the third quarter after cutting costs at its UK casinos and on higher earnings from its Malaysian gambling resort.
The Kuala Lumpur-listed company posted net income of 371.2 million ringgit ($45 million) after losing 40.4 million ringgit in the same period a year earlier. Revenue increased to 2.4 billion ringgit from 2.37 billion ringgit a year earlier, the company said in a statement today.
CIMB in a Nov 19 research report says: “Yesterday, Resorts World Sentosa (RWS) announced ticket prices for Universal Studios Singapore (USS) as well as hotel room rates, starting from $400/room/night. We derive a blended average ticket price of $65/day for USS, slightly below our earlier $70 estimate. But we believe there is room for upside surprises on the back of:
Genting Bhd. is on track for a partial opening of its Singapore casino resort by Christmas, putting it ahead of the competing project by Sheldon Adelson’s Las Vegas Sands Corp., the Wall Street Journal reported.
Genting’s official target date for opening its US$4.4 billion ($6.1 billion) Resorts World on the island of Sentosa is still early 2010, the newspaper said. Genting has been quietly preparing for an earlier ramp-up, and the consensus among market watchers is that it will open before the Marina Bay Sands project in Singapore’s business district.
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Genting Singapore Plc (GENS SP), the builder of one of two casino resorts, aims to attract about 4.5 million visitors a year when its Universal Studios theme park opens next year, the local press reported, citing Douglas Trueblood, general manager of sales and marketing for Universal Parks and Resorts.
Genting has not fixed ticket prices. Based on a Morgan Stanley estimate of S$70 per ticket, the reports said annual ticket sales may reach $315 million. Genting is trading at $1.12.
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Genting Singapore Plc, building one of two casinos in the island nation, sank the most in more than three months in local trading after announcing plans to raise as much as $1.63 billion in a rights offer.
The stock, halted from trading yesterday, dropped 6.7% to $1.11 as of 11:05 a.m., the most since May 27. Genting Singapore earlier tumbled as much as 9.2%. The shares have more than doubled this year.
Genting Singapore Plc, building one of two casinos in the island nation, sank 5% in stock trading after saying it plans to raise as much as $1.63 billion in a rights offer. The stock, which was halted from trading yesterday, dropped 5% to $1.13 as of 9:18 a.m. in Singapore.
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Genting Singapore Plc’s plan to raise as much as $1.63 billion in a rights offer will have “minimal” impact on Malaysian parent Genting Bhd., said RHB Research Institute Sdn.
The rights offer will have an “insignificant net impact” on Genting’s earnings in the first one to two years, RHB said in a report today.
It raised the target price on Genting to 9.15 ringgit ($3.74) from 7.60 ringgit and maintained its “outperform” rating.
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Genting Singapore Plc, building one of two casinos in the island nation, said it plans to raise as much as $1.63 billion in a rights offer.
Sixty percent of the funds will be used to “pursue future strategic opportunities” in the leisure, hospitality and gambling industries, with the remainder used as working capital, the casino operator said in a statement to Singapore’s stock exchange today.
Genting Bhd., Asia’s biggest listed casino operator, fell the most in more than a month in Kuala Lumpur trading after Thomson Reuters reported that the company’s Singapore unit plans to raise more than US$1 billion ($1.42 billion) through a rights offer.
Shares of Genting slid 3.2% to 6.94 ringgit ($2.83) at 12:25 p.m., set for the steepest decline since July 29. The stock is also poised to be the biggest decliner on the benchmark FTSE Bursa Malaysia KLCI Index today.
Casino operator Genting Singapore (GENS.SI) is planning to raise more than US$1 billion ($1.43 billion) through a rights issue, sources familiar with the matter said today.
“It’s a big issue. Over US$1 billion,” one source with direct knowledge of the deal told Thomson Reuters. Genting shares were suspended earlier today.
Genting Singapore, a unit of Malaysia Genting (GENT.KL), is building one of the city-state’s two integrated casino resorts and is also the largest casino operator in the United Kingdom.
Bankers involved in the deal include UBS (UBSN.VX), JPMorgan, DBS (DBSM.SI) and Deutsche (DBKGn.DE).
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Genting Singapore PLC has requested a share-trading halt in Singapore pending an announcement, the company said in a statement to the stock exchange.
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Genting Singapore Plc. said it had a second-quarter net loss of $50.7 million on sales of $120.1 million, according to a statement to the Singapore stock exchange today. The loss per share was 0.53 cents for the period.
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