Monday, July 26, 2010

*Genting Singapore*

Genting Singapore: Goldman Sachs upgrades to Neutral from Sell, to reflect increased optimism over gaming sector. Raises target price to S$1.15 from S$0.79. Says company proving to be stronger competition than Marina Bay Sands, with Resorts World Sentosa still retaining 60% market share, backed by its strong product appeal, strong local infrastructure and a loyalty customer program.

Notes RWS' very strong casino profitability has surprised on the upside, boosted by higher-margin slot revenues, and low VIP cash rebates.

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