SINGAPORE: Genting Singapore plc, which is building one of two casinos in the island nation, surged to a record on Sept 3 on speculation its S$6.6 billion (RM16.2 billion) resort casino in the city-state will open ahead of schedule.
The stock surged 9.3% to S$1.17. It recently traded 7.5% higher at S$1.15, set for its highest close since listing in September 1991.
“It’s possible for the resort casino to open by the end of the year,” CLSA Asia Pacific Markets analyst Aaron Fischer said in a telephone interview.
The project is still scheduled to open in early 2010, according Robin Goh, spokesman at Resorts World, the Genting Singapore unit building the casino.
Fischer wrote in a note dated Sept 1 that Genting Singapore could be worth as much as S$3 based on the city-state’s potential gaming revenue of between US$3.2 billion (RM11.3 billion) and US$4.7 billion once the two casinos open next year. That compares with Macau’s US$14 billion gaming revenue. -- Bloomberg LP
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