Genting HK: Some takeaways from Cimb closed door meeting with clients (from 3rd party attendance, points not verified). 1) looking at JV with Philippine partner to open another casino opposite terminal 3; 2) highlights Philippines as a good place for casinos given excellent hospitality & service quality of its people; 3) modifying biz model to focus on designated cruises instead of cruising to nowhere for pure gaming.
Of these, the revelation that Genting HK is seeking another casino venture comes as a surprise esp in the wake that one of its planned integrated resorts in Manila Bay City is under review. While the details of the new casino are not yet forthcoming, it appears that Genting HK is entering the Philippine market in a big way. There could be more upside surprises yet for this stock.
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