Genting Singapore shares down more than 9% after news of gaming tax rise

SINGAPORE - Gaming company Genting Singapore saw its shares fall more than 9 per cent at the close of the local bourse on Thursday , amid news of a $4.5 billion investment plan for Resorts World Sentosa and a 50 per cent increase in casino entry levies for Singaporeans and permanent residents.

Nonetheless, some brokerages are maintaining that the overall long-term outlook for the company is a positive one even if there may be immediate headwinds. "When fully developed, its facilities will be able to capture more meetings, incentives, conferences and exhibitions attendees and more tourists to its expanded hotels and tourist attractions," said Ms Lee in a report, adding that a fair value of $1.31 will be maintained for the stock.

Mr Song told The Straits Times that this may explain Thursday's drop in Genting Singapore's shares, as investors focus on negatives and the quantifiable impact of the gaming tax.

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