• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

GEN Sing comeback likely faster than some ops: Nomura

May 10, 2021 Newsdesk Latest News, Singapore, Top of the deck  


GEN Sing comeback likely faster than some ops: Nomura

Business for Genting Singapore Ltd, the promoter of the Resorts World Sentosa casino complex (pictured in a file photo) in Singapore, is likely to be “one of the better tourism recovery stories due to its balance sheet strength and good control of Covid-19 in Singapore,” said a Sunday note from banking group Nomura, following the casino firm’s first-quarter earnings.

The firm had reported a net profit of SGD34.5 million (US$25.9 million) for the first quarter of 2021, down 73.7 percent from the previous quarter, according to a filing with the Singapore Exchange on Friday.

Nomura said it had anticipated there would be “not much further upside from domestic tourists” for Genting Singapore’s business, given the continued absence of meaningful numbers of foreign tourists, but that the extent of the decline in quarterly earnings had been “larger than we expected”.

Management of the pandemic in the city-state could nonetheless “enable Singapore to enact travel bubbles quicker than competing tourism destinations,” added Nomura analysts Tushar Mohata and Alpa Aggarwal.

Singapore’s Ministry of Transport said in an April 26 statement that the city-state had agreed with Hong Kong to start an air travel bubble between the two places on May 26. The launch of the travel bubble can eventually be delayed depending on the pandemic situation in each of the cities.

As of noon on Sunday, Singapore had reported “10 new cases of locally transmitted Covid-19 infection,” of which seven were “linked to previous cases”, stated the Ministry of Health.

As of the same time, Singapore had 395 active cases, and 60,933 cases discharged. A total of 31 deaths from the disease had been recorded as of that date.

Analysts Vitaly Umansky, Kelsey Zhu, and Louis Li, of brokerage Sanford C. Bernstein Ltd stated in a Friday memo, citing commentary by Genting Singapore: “As management believes that international visitation to Singapore will be unlikely to return in the near term, Resorts World Sentosa has been focusing on developing events and offering promotions to target domestic customers.”

Another institution, Maybank Investment Bank Bhd, noted in a Sunday memo, that it had hoped Singapore casino industry VIP play volume and mass-market gross gaming revenue (GGR) would “recover to 50 percent to 75 percent of pre Covid-19 levels this year”.

But analyst Samuel Yin Shao Yang observed: “Unfortunately, it is increasingly unlikely given the third Covid-19 ‘wave’ in Malaysia,” which he described as a “key market” for Resorts World Sentosa.

Maybank is now forecasting Singapore’s VIP volume and mass-market GGR in 2021 to stand at respectively 25 percent and 60 percent of pre- Covid-19 levels.

“Moreover, the Singaporean government announced on 4 May 2021 that the operating capacity of attractions, which includes integrated resorts like Resorts World Sentosa, will be reduced from 65 percent to 50 percent due to a recent rise in Covid-19 cases in Singapore,” stated Maybank’s Mr Yin.


  • tweet
Related articles
  • Singapore 2023 visits may double from 6.3mln 2022: govt
    Singapore 2023 visits may double from...

    Jan 17, 2023  

  • Philippines poised to be region GGR leader says consultancy
    Philippines poised to be region GGR...

    Nov 23, 2022  

More news
  • Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPM
    Macau CNY mass GGR maybe 60pct plus of...

    Jan 31, 2023  

  • Pagcor 2022 income up 66pct y-o-y, tops US$1bln
    Pagcor 2022 income up 66pct y-o-y, tops...

    Jan 31, 2023  


Latest News

Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPM

Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPM

Jan 31, 2023  

Macau mass-market casino gross gaming revenue (GGR) for the recent Chinese New Year (CNY) holidays could have recovered to at least 60 percent of that for the 2019 break, when the festivities were in...
Read More
Pagcor 2022 income up 66pct y-o-y, tops US$1bln

Pagcor 2022 income up 66pct y-o-y, tops US$1bln

Jan 31, 2023  

Junket boss Levo Chan heard okaying illicit bets: court

Junket boss Levo Chan heard okaying illicit bets: court

Jan 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$1.08 billion

Total income for 2022 reported by the Philippine Amusement and Gaming Corp



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Almost half million visitors to Macau for 7 days of CNY holsAlmost half million visitors to Macau for 7 days of CNY hols January 30, 2023
  • Macau visitor momentum kept for post CNY weekendMacau visitor momentum kept for post CNY weekend January 30, 2023
  • Junket boss Levo Chan heard okaying illicit bets: courtJunket boss Levo Chan heard okaying illicit bets: court January 30, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us