Singapore Casinos Set for a $6.7 Billion Cash Injection

Genting Singapore, Vegas Sands get exclusive license extension
Genting shares fall most in a decade on analyst downgrades

Artists’ impression of Las Vegas Sands Corp.’s Marina Bay Sands expansionSource: Marina Bay Sands

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By Pooja Thakur Mahrotri and Daniela Wei

April 3, 2019 at 11:24 AM UTC

Updated on

April 4, 2019 at 9:12 AM UTC

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Genting Singapore Ltd. and Las Vegas Sands Corp.’s pledges to put S$9 billion ($6.7 billion) into tourist attractions in Singapore to keep their exclusive casino operating licenses was met with little enthusiasm by analysts and investors.

At least six analysts downgraded Genting in the wake of the news, citing the hefty price tag for the license extension and the government’s plan to raise gambling taxes after 2022. Shares of the Singapore-based developer closed 9.4 percent lower in trading Thursday, for the biggest one-day drop since May 2009.