Genting SP"Counter is up 3.6% today, after newswires reported that its 557-room Genting Hotel Jurong (GHJ), will soft launch on 30th Apr, with the grand opening expected to be on 27th May.
Genting highlighted that GHJ will boost Resorts World Sentosa (RWS) room inventory significantly, and is part of the group’s strategy to increase visitorship to RWS, and also participate in the transformation of the Jurong Lake District.
GHJ is connected directly to Resorts World Sentosa (RWS) via free shuttle services. Its lower room rates should free up budgets for gambling.
Maybank-KE recently upgraded Genting Singapore to Buy with TP of $1.08. Overall, the house believes short-term headwinds have been largely priced in while the longer-term positive catalysts are ignored. It is currently trading at 2Sd below its five-year EV/EBITDA mean.
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