Genting Singapore Plc. (GENS), Asia’s second biggest casino operator by market value, rose the most in six months in Singapore trading after competitor Las Vegas Sands Corp. (LVS:US) reported gains in its local VIP business.
Genting rose 5.8 percent, the most since July 30, to close at S$1.55. The benchmark Straits Times Index dropped 0.1 percent.
Rolling chip volume, an indicator of activity in the VIP rooms that cater to high-stake gamblers, rose 53 percent to $16.5 billion at the Marina Bay casino in Singapore, Sands said in its fourth-quarter earnings report. The Las Vegas company reported an an 11 percent drop in overall Singapore revenue, a smaller decline than a 21 percent fall in the prior three months.
Investors are more optimistic about Genting because VIP volume increased “quite a bit” at Las Vegas Sands, Gabriel Chan, a Hong Kong-based analyst at Credit Suisse Group AG said via phone today.
Las Vegas Sands closed 0.94 percent higher at $51.56 in New York trading yesterday.
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