Genting Singapore surges to 2-year high

GENTING Singapore Plc, partly owned by Asia’s biggest casino operator, jumped to its highest level in almost two years amid optimism the resort casino it is developing in the city will boost profits.

Genting jumped as much as 8.9 per cent to 79.5 Singapore cents, its highest since July 2007 in morning trade. The stock settled at 76 Singapore cents at the 12:30 pm trading break.

“They have a captive gambling market in Asia,” said Carey Wong, an analyst at Oversea-Chinese Banking Corp in Singapore.

“Investors are hoping that their Singapore casino will do better when it opens early next year than their casino operations in the UK.”

Genting’s S$6.6 billion project (US$4.56 billion), called Resorts World at Sentosa, will include Southeast Asia’s first Universal Studios theme park.

The project is one of two casino resorts the government has allowed to be built in the city-state as part of its goal to lure 17 million tourists and triple annual tourism revenue to S$30 billion by 2015.

Las Vegas Sands, controlled by US billionaire Sheldon Adelson, is planning to open the first phase of its $5.4 billion resort in December or in January 2010. -- Bloomberg

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