Morgan Stanley upbeat over Genting Singapore into 2015/16

Overcoming short term concerns, Genting Singapore, is forecast to report revenue growth over the next two years reaching S$3.76 billion (US$2.9 billion) by December 2016 from S$3.24 billion by end 2014, according to a Morgan Stanley Research report.
Genting Singapore’s management remains upbeat, with recovery in the Singapore market seen in H1 2015. It also expects the groundbreaking of its integrated resort in Jeju, South Korea and the opening of the Jurong Hotel in Malaysia as catalysts for growth.
The outlook comes as Genting Singapore reported adjusted earnings (EBITDA) down 19 percent in Q3,2014 to S$254 million quarter-on-quarter and a 27 percent fall year-on-year.
However, underlying business strength was visible with a 61 percent market share in VIP roll and 10 percent quarter-on-quarter growth in mass, including slots.
The soft opening of the Jurong Hotel in May 2015, is expected to drive the Malaysia premium mass market. Leisure customers could be directed to the Jurong Hotel, leaving more room availability for premium mass/VIP players in Sentosa, the analysts noted.