Genting SP

Genting SP: read across from Las Vegas Sands 4Q10 results.
LVS stock price fell 8.5% the day after, mainly due to disappointment that the strong Macau gaming data did not translate to a similar boost in LVS’ bottom line, rather than its Marina Bay Sands performance…

Still, LVS growth in Spore was also weaker than expected, with gross gaming revenue (GGR) at US$563m, +2.6% qoq vs Deutsche’s estimates of 15-16%. VIP rolling -20.6% qoq, but offset by relatively robust mass GGR growth of 11.9%. EBITDA was US$305.8m, translating to an EBITDA margin of 54.6%. Mgt guided that Jan EBITDA has improved to US$110m, and mass GGR continued its 4Q growth trend...

GENS 4Q10 results due in the 4th week of Feb. Deutsche, Citi estimate EBITDA at btwn S$372-400m, and Spore mkt size at btwn US$5.1-6.5b.
Citi maintains at Buy, but cuts TP to $2.60 from $2.75.
Deutsche keeps Buy and $2.43 TP…

On a positive note, the Battlestar Galactica roller coaster - the biggest draw at RWS’ Universal Studios Singapore (USS) theme park - will finally re-open to the public on Feb 21. Billed as the world's tallest pair of duelling roller coasters, the BG can hit a top speed of 90km/h. Mgt expects sell-out crowds from Feb 21 onwards, and advises park-goers to book their USS tickets in advance.