UOB KayHian downgrades Genting Singapore (G13.SG) to Sell from Hold, but keeps the target price at $1.85.

The house reckons Genting’s gross gaming revenue peaked in October and it says 2011 will be “a ’no event’ year wherein there would be disappointments to hyped up expectations for legalisation and potential size of the junket market, and overseas opportunities (eg Japan).” 

 

It adds, no major surprises are expected out of 4Q EBITDA although there is some potential for “earnings disappointment relative to some lofty expectations” and possibility Marina Bay Sands could take pole position in the market. 

 

Shares are down 0.5% at $2.18.