SEARCH NEWS:

 

Genting Shares Slide After Singapore Announcement

MALAYSIA – As reported by the Business Times: "Investors aren't taking any chances with Malaysian gaming stocks, even though a Singapore casino still isn't a sure bet.

"Malaysia's Genting and its subsidiary, Resorts World, have seen their share price slide after Singapore's new prime minister Lee Hsien Loong floated a 'casino trial' balloon over the weekend.

"Analysts say investors fear the plan to build a casino on Sentosa or a nearby island has gained momentum following Mr Lee's remarks in his maiden National Day Rally address.

"…In the wake of his words, Resorts World, which holds Malaysia's sole casino licence, closed at RM8.50 yesterday - down 4.5 per cent since Friday.

"And parent Genting, which is controlled by Lim Goh Tong's family, ended at RM14.90 - down 2 per cent since Friday.

"Other gaming counters closed mixed yesterday, but analysts said they may ease in tandem with Genting and Resorts should selling pressure persist…"

< Gaming News