Jul 04, 2023 Newsdesk Latest News, Singapore, Top of the deck  
An investment bank is trimming by 12 percent, to SGD637 million (US$472.0 million), its estimate for 2023 core net profit at Genting Singapore Ltd. The firm is the promoter of the Resorts World Sentosa gaming resort (pictured), one half of Singapore’s casino duopoly.
Maybank Investment Bank Bhd is also revising downward – by 14 percent – its forecast for Genting Singapore’s 2023 earnings before interest, taxation, depreciation and amortisation (EBITDA). Though the institution stated the “recovery is intact”.
Analyst Samuel Yin Shao Yang said in a Monday note, referring to the pace of post-pandemic recovery for the inbound tourism trade from China: “Curiously, five-month 2023 Chinese visitor arrivals came in at only 20 percent of five-month 2019 levels. It follows that there is room for the aforementioned operating metrics to improve as seat capacity from China recovers.”
But Mr Yin was more upbeat regarding 2024. He stated: “While EBITDA margins may come in a tad lower than we expected, absolute EBITDA is on track to recover to pre-Covid levels in financial year 2024.”
He said that based on communication with management, “all major operating metrics” – i.e. VIP volume, mass tables gross gaming revenue (GGR), slot machine GGR, and non-gaming revenue – were “trending higher quarter-on-quarter”. Mr Yin added that the “high-margin slot machine GGR continues to grow, driven by locals”.
Non-gaming revenue had dipped 15 percent quarter-on-quarter in the first three months of the year, “due to Singaporeans travelling abroad in March for the school holidays,” but non-gaming was also now “recovering,” stated Mr Yin.
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President of Asia Pacific at Reed Exhibitions, organiser of G2E Asia