Friday, August 12, 2022

GENS expected to see EBITDA boost in 17Q2


Property EBITDA for Genting Singapore in the second quarter of 2017 is forecast to reach S$270 million (US$198.7 million), according to estimates from Morgan Stanley.

The result would be a 119 percent year-on-year increase from the second quarter of 2016, and a 6 percent decline quarter-on-quarter.

“While Genting Singapore remains cautious on granting credits, we expect VIP to surprise on the upside but bad debt provisions to remain under S$20 million,” added the brokerage in its 17Q2 preview note on Thursday.

No interim dividend is expected for the quarter, added the brokerage.

Marina Bay Sands, which reported its earnings earlier this week, saw property EBITDA of US$492 million in 17Q2, up 35 percent quarter-on-quarter, driven mainly by luck.

On a hold-adjusted basis, it is down 1 percent quarter-on-quarter to US$386 million.

In Singapore dollar terms, VIP, mass and slot revenue all saw a slight decline quarter-on-quarter at the property, down 3 percent, 11 percent and 1 percent respectively.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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