MBS’s net revenue decreased 9% y-o-y and 10% q-o-q to US$919 million driven by its gaming sector, while VIP gross gaming revenue (GGR) dropped 63% y-o-y due to a lower VIP hold of 1.75% and an around 20% decrease in volumes.
Citi Research analyst George Choi has kept his “buy” call on Genting Singapore (SGX:G13
) withh an unchanged target price of $1.14 as he continues to expect Resorts World Sentosa (RWS) to be a key beneficiary of the Singapore-China visa-free arrangement and the lively line-up of events in Singapore.
In his Oct 23 report, Choi notes that competitor Marina Bay Sands (MBS) reported a 17% y-o-y decline in earnings before interest, taxes and depreciation (ebitda) to US$406 million ($536 million) for its 3QFY2024 results.
