SINGAPORE (Nov 12): Shares of Genting Singapore fell 2.9% to a three-week low in early trading after the gaming group reported weaker 3Q2014 results on reduced business from premium players from China.

"3Q14 was its second worst quarter on record," Maybank Kim Eng analyst Yin Shao Yang said in a note today.

Notably, the company's VIP win rate of 2% was "way below" his 2.85% forecast, Yin said.  

"While we expect VIP volumes from mainland China to recover in 2015, we believe they could worsen before improving."

Gaming revenue for the September quarter fell 21% y-o-y and 20% q-o-q to $477.3 million, leading to a 22% decline in EBITDA to $262.7 million.

"The Asian gaming and tourism industry is experiencing significant challenges in the face of economic slowdown in our major visitor markets and other environmental factors," Genting Singapore said in a statement yesterday.

The stock has fallen 30% so far this year, but investors have mostly still been wary of picking up the shares, preferring instead to wait for the company's overseas ventures to make progress.

Genting Singapore has proposed establishing a casino-resort in South Korea and is keen to set up shop in Japan, where lawmakers are mulling plans to allow casinos.

The stock traded at $1.015, down 2.4%, at 9:32am (0132 GMT), off an earlier low of $1.01.