Genting Singapore Plc, which is building one of two casinos in the republic, jumped 6.54% or seven cents to close at a record-high of S$1.14 yesterday. The stock had surged as much as 9.3% in intra-day trading to S$1.17. Bloomberg had earlier reported that Genting surged to a record on speculation its S$6.6 billion (RM16.2 billion) resort casino in the city-state will open ahead of schedule. “It’s possible for the resort casino to open by the end of the year,” CLSA Asia Pacific Markets analyst Aaron Fischer said in a telephone interview yesterday.
The project is still scheduled to open in early 2010, according to Robin Goh, spokesman at Resorts World, the Genting Singapore unit building the casino.
Fischer wrote in a note dated Sept 1 that Genting Singapore could be worth as much as S$3 per share based on the city-state’s potential gaming revenue of between US$3.2 billion and US$4.7 billion once the two casinos open next year. That compares with Macau’s US$14 billion (RM49.4 billion) gaming revenue, said Bloomberg.
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