Genting Hong Kong (S21.SG) +11.7% at new 52-week high of US$0.355 ($0.478) on strong volume as players turn attention from sister company Genting Singapore (G13.SG) to cruise operator, hopeful it could also enjoy latter’s gaming success given its 50% stake in Resorts World Manila, says Dow Jones.
“Since RWM’s entry (in 2009), the overall Philippines gaming market has more than doubled year to date. This is another example of new properties growing gaming markets rather than cannibalising the existing pie,” says a broker.
Broker expects RMW to benefit from Philippine casino regulator’s recent move to stop granting new gaming licences to private operators, shut down smaller gaming parlours and poker clubs in non-tourist areas. Orderbook quotes shares may test at least US$0.34.
Genting Singapore flat at $1.76.