Genting SP: CIMB says Genting SP is ‘A Screaming Buy.’ It says for sure, normalization at RWS is expected in the coming qtrs, but SG's gaming market could grow at 44% to reach S$7b in 2011 and RWS was still the gross gaming revenue market share leader with over 60% of the gaming pie.
Add that RWS can optimize utilization of gaming space to drive gaming revenue by reshuffling tables (current VIP/mass market table mix of 30/70) if the VIP segment continues to outpace the mass market. Beyond gaming rev, ouse says RWS's four hotels have continued to perform well with climbing occupancy rates and management is upbeat on the attractiveness of Universal Studios to draw in more visitors, which could translate into higher casino patronage and gaming rev, something that house should see reflected in 2Q11 numbers. The house reiterates its O/p call and $2.79 TP.
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