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Genting Singapore Q2 EBITDA seen dropping 24 percent: Morgan Stanley

Morgan Stanley Research expects Genting Singapore to report 15Q2 earnings before interest, tax, depreciation and amortization (EBITDA) of S$235 million ($171.6 million), down 24 percent year on year.

In a note, a team of analysts said Marina Bay Sands reported a 9 percent QoQ increase in the mass segment in Singapore dollars terms, even though VIP volume continued to decline. 

“We are expecting similar VIP volume trend, but weaker mass revenue and higher provisions, but if GENS were to show similar trend as MBS, there could be a positive surprise.”

Morgan Stanley expects GENS to see VIP roll to drop by 4 percent QoQ to S$12.6 billion.

“Mass + Slot underlying trend improved for MBS but may not be the same for GENS: For MBS, mass and slot revenue declined 4 percent QoQ, YoY, but on a constant currency basis, it was +9 percent YoY which suggests improved underlying trends, but could be due to market share gain.”

For GENS, the analysts expect revenue to decline by 1 percent QoQ,and do not expect the opening of Jurong Hotel on May 2015 to drive mass volumes.

MBS reported 15Q1 revenue of US$755 million, down 7 percent YoY, with property EBITDA of $363 million.


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