Genting Singapore's Expansion Plan Is Necessary but Expensive; Reducing FVE to SGD 1.18
Narrow-moat Genting Singapore announced a SGD 4.5 billion expansion plan for its integrated resort, Resorts World Sentosa. While we think the revitalization of RWS is necessary to sustain long-term growth and fend off regional competition, the magnitude of the capital expenditure is above our and market expectations of around SGD 1 billion-2 billion. In addition, a tiered casino tax structure with higher tax rates on gross gaming revenue will be introduced. We cut our fair value estimate to SGD ...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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