Genting Singapore's Expansion Plan Is Necessary but Expensive
Narrow-moat Genting Singapore’s 2018 adjusted EBITDA of SGD 1.23 billion, up 7% year over year, was in line with our expectation. The stronger results were underpinned by higher VIP rolling volume, better win rate, and resilient non-gaming business from Resorts World Sentosa, or RWS. We increase our fair value estimate to SGD 1.40 from SGD 1.38 after fine-tuning our model, and we think the firm remains undervalued. While regional competition is intensifying, Genting Singapore’s plans to revitali...Genting Singapore is an investment holding company. Through its subsidiaries, Co. is engaged in in the development, management and operation of integrated resort destinations including gaming; hospitality; meetings, incentives, conventions, and exhibitions (MICE); leisure and entertainment facilities. Co. owns Resorts World Sentosa in Singapore, a resort destination that provides a casino, Adventure Cove Waterpark, S.E.A. Aquarium, Universal Studios Singapore theme park, MICE facilities, hotels, restaurants and specialty retail outlets.
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