Bigger loss for Genting S'pore
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GENTING Singapore's share price slid for a fourth straight day on Friday in heavy trading amid continued worries over its newly opened Resorts World Sentosa (RWS), Singapore's first integrated resort.
There was more grim news after the market closed as Genting posted a full-year net loss of $277.6 million, more than double the $124.8 million in 2008. Revenue fell 22 per cent to $491. 2 million.
The stock continued to be sold down and slid to a near six month low losing one cent, or 1.1 per cent, to 94 cents. It is now down 28 per cent from a record high of $1.30 it hit on Dec 31.
The counter has been traded heavily since its casino opened over the Chinese New Year holiday period, with 366 million shares changing hands on Friday following 369 million done on Thursday.
This is more than triple the average daily volume of 105 million shares of Genting traded over the past six months.
Analysts at Nomura Securities think the stock has further to fall as RWS has already announced the openings of its key attractions - the casino and theme park.
--ST
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As a gaming professional, I believe the loss for the full year would have been larger than the S$ 277.6 Million if they had taken a full charge on the pre-operating expenses which I am very sure is more than the S$103.4 million provided so far. The S$103.4 pre-operating expenses is unbelievable small, given the size and magnitude of the Resorts World Sentosa. I suspect Genting Singapore will charge the balance of pre-operating expenses to the current year.
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Genting can survive in Malaysia because it is, in effective, a gaming monopoly.
The IR together with Sands competing head-to-head for the same gambling customers, can two casinos survive without eating one another or sucking on Singaporeans? -
Let them fight.
Doesnt matter. Pple got their jobs and being paid is ok liao.
Afterall, the casinos are meant for foreigners not locals (local need to pay $100 per entry).
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Originally posted by Khoo Boo Boon:
As a gaming professional, I believe the loss for the full year would have been larger than the S$ 277.6 Million if they had taken a full charge on the pre-operating expenses which I am very sure is more than the S$103.4 million provided so far. The S$103.4 pre-operating expenses is unbelievable small, given the size and magnitude of the Resorts World Sentosa. I suspect Genting Singapore will charge the balance of pre-operating expenses to the current year.
wah seh ! ... you gaming professional sia .....
so you're like, 赌神 or something ? ....
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Originally posted by Fatum:
wah seh ! ... you gaming professional sia .....
so you're like, 赌神 or something ? ....
Gamblers 10 play 9 lost.Or else casino closed shop less than 24 hours liao.
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Originally posted by likeyou:
Gamblers 10 play 9 lost.Or else casino closed shop less than 24 hours liao.
eh ! but this chap is a professional leh ! ... so don't play play sia ! ...
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Originally posted by Fatum:
eh ! but this chap is a professional leh ! ... so don't play play sia ! ...
Yeah, his master is chow yun fatt. -
Must ask Zoe Tay's past life friend (Li Nanxing) to help.