To analyst Yin Shao Yang, MBS’s results are “significant” as they represent operations in Singapore after the city-state reopened its borders on April 1 and removed Covid-19 testing requirements on April 26.
Maybank Securities has upgraded its call to “buy” on Genting Singapore with a higher target price (TP) of 85 cents on the back of Marina Bay Sands (MBS) posting “encouraging” 2QFY2022 results.
Las Vegas Sands, which owns and operates MBS, released the results yesterday, which saw MBS bringing in an EBITDA of US$319 million ($443.5 million), which was bolstered by a high VIP win rate of 4.29%. Even when adjusted for a normal VIP win rate, the resort’s EBITDA for the 2QFY2022 stood at US$278 million, which is still the highest since the Covid-19 pandemic began.
