Genting Jumps After Sands VIP Business GainsAnjali Cordeiro
Genting Singapore Plc., Asia’s second biggest casino operator by market value, rose the most in six months in Singapore trading after competitor Las Vegas Sands Corp. reported gains in its local VIP business.
Genting rose 5.8 percent, the most since July 30, to close at S$1.55. The benchmark Straits Times Index dropped 0.1 percent.
Rolling chip volume, an indicator of activity in the VIP rooms that cater to high-stake gamblers, rose 53 percent to $16.5 billion at the Marina Bay casino in Singapore, Sands said in its fourth-quarter earnings report. The Las Vegas company reported an an 11 percent drop in overall Singapore revenue, a smaller decline than a 21 percent fall in the prior three months.
Investors are more optimistic about Genting because VIP volume increased “quite a bit” at Las Vegas Sands, Gabriel Chan, a Hong Kong-based analyst at Credit Suisse Group AG said via phone today.
Las Vegas Sands closed 0.94 percent higher at $51.56 in New York trading yesterday.