Citi cuts Genting target to $2.60, keeps 'buy'

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Citi cuts Genting target to $2.60, keeps 'buy'

Date: 07/02/2011

Source	:	Citigroup
Stock	:	Genting Sing	Price Target	:	2.60	\|	Price Call	:	BUY
			Last Price	:	0.765	\|	Upside/Downside	:	+1.835 (239.87%)

Citigroup has cut its target price for casino operator Genting Singapore (GENS.SI) to $2.60 from $2.75 and kept its buy rating.

Las Vegas Sands (LVS.N), which reported quarterly earnings on Thursday, said rolling chip volume, or business from VIP tables, at its Singapore casino fell 21% compared with the previous quarter, which was worse-than-expected, Citi said.

“We believe we could see some ripple effect as the market could become worried about a possible volume decline at Resorts World Sentosa,” said Citi in a report.

The brokerage has lowered its revenue and earnings before interest, tax, depreciation and amortization (EBITDA) forecast for Genting Singapore in the fourth quarter by 7%.

At 11:25 a.m., shares of Genting Singapore were 2.4% down at $2.08, and have fallen 5% so far this year.

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