Citigroup lifts Genting Singapore (G13.SG) target price to $2.45 from $1.55, based on 15.3x 2011 EV/EBITDA vs 12.5x previously, according to Dow Jones.

Citi keeps Buy call; “given a duopoly, a significantly larger market size than we had originally anticipated and the higher margins given the low Singapore tax, we now believe it is appropriate to value Singapore at a 30% premium to Macau.”

Research house says while non-gaming attractions at Resorts World Sentosa will take considerable time to break even, they will nonetheless attract more visitors, potentially leading to more gaming revenue.

Shares +1.5% at $2.00.