Genting Singapore shares fall to four-year low of $1.06

It’s the worst performing stock in the STI.

Shares in casino operator Genting Singapore Plc declined 2.8 percent on Thursday after weakness in the high-rollers' business at rival Marina Bay Sands (MBS) stoked worries of poor results at the gaming firm, according to a report by Reuters.

Macquarie Research said in a report that MBS' third-quarter VIP volumes could send "panic signals" in the market.
"We believe the de-rating for Genting Singapore's earnings is still only halfway, and most of the street will now have to taper expectations from the local gaming market," said Macquarie, which has an "underperform" rating on Genting.

Reuters adds that Genting shares fell to S$1.06, their weakest since June 2010. Down about 29 percent so far this year, the stock is the worst performer in the Straits Times Index. Genting is due to report quarterly results in early November.