Genting SP: Could see positive sentiment in share price, after LVS reported an internal record for rev in its 4Q results, with overall 4Q net income at $320.1m, attributed largely to more people gambling at its resorts in Macau and SG.
MBS produced a record EBITDA of $426.9m during the qtr and an EBITDA margin of 52.9%, led by strong growth in VIP, mass gaming and slot vols, with continued growth in visitation and non-gaming rev streams including hotel, food and beverage, retail and entertainment. Operating results also benefitted from higher than expected Rolling Chip win of 3.34% for the qtr.
Going forward, grp remains confident that MBS will generate meaningful growth and outstanding returns.
We note that analysts had of late been skeptical about the forth coming 4Q earnings release by Genting, citing that the close proximity of Christmas and the early Lunar New Yr this yr could result in lower VIP visitations. Latest strong results showing from MBS could potentially prove the skeptics wrong.
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