Genting SP/MBS: MBS appears on track to earn US$1.75b EBITDA, far exceeding the US$1b expected by its CEO and analysts who underestimated MBS earnings potential were promised ‘egg-wiping face towels’.
Strong rev attributed thanks to record VIP rolling revenues, mass market and slot play, which saw VIP rolling chip vol jumped some 63% to US$16.7b, downplaying investor’s concerns that SG’s gaming growth could slow as the global economy cools. Add that qtr would have been even better had the casino had better ‘Luck Factor’. We note that strong bullish sentiments on SG gaming mkt could see some positive spillover for Genting SP, on back of high VIP rolling chips vol.
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