Genting’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