Genting Singapore shares drop 10.9% after Q1 earnings fall
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Shares of Genting Singapore dropped 10.9% after the company reported a weak Q1 net profit of S$65.2 million, down from S$145 million a year ago. Revenue fell 3% to S$607.6 million, primarily due to an 8% decline in gaming revenue. The stock's decline erased S$725 million in market capitalization. DBS Group Research downgraded the stock to a "hold" rating, citing challenges ahead due to lower tourist inflows and increased operational costs. In contrast, Marina Bay Sands reported a 30.2% rise in Q1 earnings, highlighting RWS's locational disadvantages.
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