Genting SP

Genting SP: S&P expects growth rates in Macau and Spore to moderate in the next 12 mths, but still move at a healthy clip. Base-case forecast for Macau gaming mkt is 10-15% yoy growth in gross gaming revenue in 2012, and Spore net gaming revenue to 5-10% yoy. Spore's net gaming revenues is expected to hit US$5.0b, +42% yoy this yr. Highlights several factors including regulatory uncertainty and projected slower growth in Spore's economy cld put a damper on local gaming growth. However, if Spore's Casino Regulatory Authority were to approve junket operating licenses next yr, gaming growth rates wld likely be higher than currently projected.