Genting Singapore (G13.SG) off 3.1% at $1.54, but holding near last week’s 52-week high of $1.68, says Dow Jones.

While stock consistently among most active in Singapore, volume has come off substantially since reaching 15-month high of 682.8 million shares on Aug 13, day after gaming group announced return to profitability in 2Q10 with $396.5 million earnings.

“I think the main issue with Genting is whether the revenue it reported is sustainable. When a casino opens and is new, especially in Singapore, there is what I call the novelty effect,” says NRA Capital chairman Kevin Scully, referring to 2Q10 revenue of $979.3 million vs $120.1 million year earlier; “what is more important to me is sustainable revenue and profit, and we are likely to only see this in year 2 or 3 when the novelty wears off.”

Shares expected to hold above 10-day moving average, last at $1.48.