Genting SP: was fined a total of $530k for 4 breaches of regulations. 3 of the breaches involved failures of surveillance cameras and lapses in footages, which occurred just after the casino opened, and mgt has since rectified these issues. The other breach involved senior mgt paying cash to media representatives who were Sporeans and PRs, for their entry levy into the casino...
Nevertheless, the bottom line impact on GENS should be negligible, compared to the $1.8b EBITDA (consensus estimates) it is expected to make this yr.
Stock currently trades at 21X FY11E P/E. The Street largely has a Buy on the stock with TP ranging from $2.30 - $2.90.
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