Marina Bay Sands posts "uneventful" 3Q13 results

Could mean "uninspiring" numbers for Genting Singapore.

Marina Bay Sands released its 3Q13 operating numbers which threw up no surprises, said CIMB.

GGR came in at US$807m, up 30% yoy because of a normalisation of VIP hold rates to 2.85% (1.79% in 3Q12), and qoq, the numbers largely reflected the same business levels as in 2Q13.

VIP rolling chip was down 4% qoq to US$13,785m. Non-rolling chip on the mass floor was down 1% to US$1,156m. Receivables remained above the US$1.1bn mark.

CIMB noted what these results would mean for Genting.

"We expect Genting Singapore to report similar uninspiring 3Q13 numbers on 7 Nov. Genting Singapore has rallied recently on the back of its chances in Japan which admittedly are more than good. It has been ahead of the curve in engaging with potential partners and the potential landscape," said CIMB.

"We also believe the Japanese will lean towards the Singapore IR model, which is capex-heavy and regulation-heavy. We are positive on Genting Singapore and Japan but would not be over-enthusiastic on the option value. If the Japanese want the same Singapore model, then ROCEs could potentially be low," it added.

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