Genting Hong Kong (S21.SG) +8.0% at three-year high of US$0.475 ($0.636) in active trade, extending hefty 54.4% gain so far this month alone, on continued optimism over cruise operator’s 50%-owned gaming investment Resorts World Manila, according to Dow Jones.

Sentiment bolstered by strong performance of sister firm Genting Singapore’s (G13.SG) Resorts World Sentosa, which helped company return to profitability in 2Q10.

CIMB, which has no rating on stock, says Philippines’ lower operating costs, gaming tax could mean faster payback for Genting Hong Kong’s investment in RWM, which opened in August 2009.

In addition to a captive local gaming population, RWM will also be able to attract players from South Korea, coastal China and Taiwan. Citing technical indicators, house tips stock to eventually test US$0.505.