• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

GEN Sing recovery still several quarters off: analyst

Aug 19, 2020 Newsdesk Latest News, Singapore, Top of the deck  


GEN Sing recovery still several quarters off: analyst

Full recovery of Genting Singapore Ltd’s casino resort business in Singapore following the Covid-19 crisis was “still several quarters away” due to the firm’s Resorts World Sentosa venue (pictured in a file photo) drawing “heavily” on “international tourism” compared Macau, where most tourism arrivals are from mainland China next door. That is the view of a Tuesday note from brokerage Union Gaming Securities LLC.

“While some gaming markets in Asia like Macau and Cambodia are gearing up for a recovery, the near-term outlook for Singapore, and Resorts World Sentosa (RWS) specifically, remains cloudy,” wrote analyst John DeCree.

He added that “historically,” international travellers accounted for “75 percent to 80 percent” of total visitor numbers at Resorts World Sentosa.

In early August, Genting Singapore posted a SGD163.3-million (US$119.2 million) net loss in the quarter to June 30, compared to net profit of about SGD168.4 million in the prior-year period. The company said in a filing to the Singapore Exchange, it was the “worst quarterly performance since the opening” of the Resorts World Sentosa complex in January 2010.

Gaming operations at the group’s main revenue generator, Resorts World Sentosa, were suspended for almost the whole of the second quarter – from April 7 until June 30 – as a Singapore government precaution against the spread of Covid-19. Gaming operations resumed, albeit partially, from July 1, while hotel operations only restarted on July 17.

“Currently, Resorts World Sentosa is operating at 50 percent capacity due to social distancing procedures. Further, the casino operators are only allowed to welcome existing loyalty club members with restrictions on issuing new memberships, which is limiting local visitation and one of the reasons we are cautious on any near-term recovery right now,” wrote Union Gaming’s Mr DeCree.

The analyst however pointed to some “modestly positive” developments regarding easing of travel, which “could modestly improve business activity for Genting Singapore over the next few months.”

“But we are not expecting any meaningful recovery until international travel across Asia begins to resume more freely, which is still likely several quarters away,” he added.


  • tweet
Related articles
  • Several RWS non-gaming sites at capacity: Genting
    Several RWS non-gaming sites at...

    Dec 28, 2020  

  • IGT US$1bln sale in Italy aids valuation: Union Gaming
    IGT US$1bln sale in Italy aids...

    Dec 09, 2020  

More news
  • Philippines to add POGOs to AML law to avoid FATF grey list
    Philippines to add POGOs to AML law to...

    Jan 25, 2021  

  • Okada Manila warns against online casino using its name
    Okada Manila warns against online...

    Jan 25, 2021  


Latest News

Philippines to add POGOs to AML law to avoid FATF grey list

Philippines to add POGOs to AML law to avoid FATF grey list

Jan 25, 2021  

The Philippine Senate (pictured) and House of Representatives have respectively approved amendments to the country’s Anti- Money Laundering Act, known as the AMLA, adding Philippine Offshore Gaming...
Read More
Okada Manila warns against online casino using its name

Okada Manila warns against online casino using its name

Jan 25, 2021  

CNY daily visit average could be down versus Xmas: MGTO

CNY daily visit average could be down versus Xmas: MGTO

Jan 25, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"We have estimated that on average, the [daily] visitor arrivals for this year’s Chinese New Year break could turn out to be a bit weaker than for the Christmas holiday period"

Maria Helena de Senna Fernandes

Director of the Macao Government Tourism Office



Most Popular

  • Sands China sixth Macau op to pledge staff extra paymentSands China sixth Macau op to pledge staff extra payment January 21, 2021
  • Londoner Macao first phase launch Feb 8 says Sands ChinaLondoner Macao first phase launch Feb 8 says Sands China January 21, 2021
  • Macau Covid-19 case no bar to mainland travel tiesMacau Covid-19 case no bar to mainland travel ties January 22, 2021
  • Digital yuan eventually for Macau mass bets mulls BernsteinDigital yuan eventually for Macau mass bets mulls Bernstein January 22, 2021
  • Melco likely to take on more debt for expansion: Moody’sMelco likely to take on more debt for expansion: Moody’s January 20, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us