DBS Group ResearchGenting’s 1Q11 above our expectation but in-line with consensus, driven by higher VIP win rate. We raise our 2011- 12F earnings by 7-9% to factor in stronger-than-expected ramp-up (eg recent addition of 115 electronic table games). Upcoming catalysts: a) Opening of two new rides at Universal Studios b) Phased-completion of Western Zone (Maritime Museum launching in 2H11) and c) Potential approval of junkets. We raise our sum-of-parts TP to S$2.90 from S$2.70, rolling forward RWS’s valuation to 15x 2012F EV/EBITDA