Shares of casino operator Genting Singapore(GENS.SI) surged as much as 3.6% on Wednesday after rival Las Vegas Sands (LVS.N) reported strong earnings from its Marina Bay Sands casino in the city-state, traders said.
At 9:39 a.m., shares of Genting were up 3% at $1.865 with nearly 78 million shares traded. The volume was more than 7 times its average daily volume over the last five sessions.
At 9:39 a.m., shares of Genting were up 3% at $1.865 with nearly 78 million shares traded. The volume was more than 7 times its average daily volume over the last five sessions.
Las Vegas Sands said on Tuesday it swung to a quarterly net profit of $367.6 million, as it benefited from improved businesses in Macau and Singapore.
According to the U.S. casino giant, Marina Bay Sands generated adjusted property earnings before interest, tax, depreciation and amortization (EBITDA) of US$405.4 million ($486.8 million) with an EBITDA margin of 55.0 margins.
“Las Vegas Sands’ results surprised on the upside, which is providing a boost to Genting today,” said a local trader.
Genting, which is part of Malaysia’s Genting Bhd, owns Resorts World at Sentosa, the city-state’s other casino.
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