• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

Much ado about nothing.

As we mentioned in our note, GENTING SING: GOOD > BAD (3/1/11), we believe the sell side is overly concerned with Genting’s seemingly large receivable in 4Q.  When looking at it within the context of high growth in VIP direct volume, Genting’s receivable doesn’t look unusual.  As the charts below show, Genting’s 4Q receivable is 2.6% of direct rolling volume, which is actually lower than Marina Bay Sand’s 3.1%.  When compared to some of the Macau operators, Genting’s receivables are pretty much in-line.

So, take a deep breath, sell side.  For now, receivables shouldn’t be a worry, though a continuation of stagnant mass growth in Singapore may be.

GENTING: RECEIVABLES NOTHING TO WORRY ABOUT - RECEIVABLES2

GENTING: RECEIVABLES NOTHING TO WORRY ABOUT - RECEIVABLES1