Genting Singapore Shares Fall to 2-Year Low
(Reuters) - Shares of Genting Singapore GENS.SI fell as much as 2.3 percent to its lowest in nearly two years, after rival Las Vegas Sands' LVS.N second-quarter earnings miss raised concerns over the Singapore casino operator's results.
By 0222 GMT, Genting shares were 1.6 percent lower at S$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. (Full Story)
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 $330 million, which missed Citi's $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 percent of the VIP volume in the second quarter.
