Media extract
7 Aug 2013
Genting Singapore’s Sentosa casino remains a slow crawling cow with under-par Win % especially for its VIP business.
In comparison, Genting Spore 1H Ebitda reduced by 26% compared with 1H of 2012!
(S$256m for 1H 2013).
Rolling chip volume increased by 25% in 2nd quarter but its VIP business remains lackluster due to much lower Win %. (Estimates to be below 2.7% basic level.)
Going forward, with credit crunch in China to continue in the 2H of 2013, we can forget about Genting Spore to improve its casino performance.
The dilemma is that Genting’s Sentosa casino continues its path of,
– low floor efficiency for Mass gaming operation and hence, unable to achieve required high % of active patron membership.
– low efficiency of its engaged IMAs (international marketing agent) as well as its own VIP services staff.
Recommendation: “Sell” rating for Genting Spore shares.
Professional Ground DECODER 