• 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 Singapore expects China crackdown to hurt VIP biz

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


GEN Singapore expects China crackdown to hurt VIP biz

Management at casino operator Genting Singapore Ltd is doubtful its VIP casino segment will return to pre-pandemic levels of business, due to factors including mainland China’s crackdown on what the authorities there term “cross-border gambling” by its citizens.

The information was given in guidance to investment analysts, following the release of the group’s full-year results.

The casino firm 2020 results showed profit slashed 90 percent year-on-year amid disruption to tourism and gaming business because of the Covid-19 pandemic. It was the worst annual performance since its Resorts World Sentosa property opened in the Lion City in 2010.

“Genting Singapore… does not expect the VIP market to recover to pre-Covid-19 levels due to China cracking down on anyone enticing mainland Chinese to gamble overseas,” observed analyst Samuel Yin Shao Yang of Maybank IB Research, in a Wednesday note following the operating results issued to the Singapore Exchange.

Resorts World Sentosa’s gaming revenue for full-year 2020 fell by 56.7 percent from the previous year, to SGD700.8 million (US$528.5 million), with most of that coming in the second half of the year, coinciding with an easing of Singapore’s lockdown measures.

Genting Singapore was the only operator within the city-state’s casino duopoly to have applied from the outset to run third-party junkets via government-licensed international market agents, as they are known in Singapore.

But VIPs can also be directly managed and provided with credit by the house, according to industry experts consulted by GGRAsia.

Brokerage Sanford C. Bernstein Ltd also said in its Wednesday note on Genting Singapore that “2021 outlook is lacklustre as management does not expect any significant increase in foreign visitation into Singapore for most of the year”.

Analysts Vitaly Umansky and Tianjiao Yu added that management had given further guidance that without a return of tourists from overseas, 2021 would see “minimal improvement from second-half 2020”.

They further noted: “With the increasing restrictions the Chinese government is putting on overseas gambling, management expects a shift away from Chinese ‘super VIPs’ towards more mass/premium mass” customers.


  • tweet
Related articles
  • U.S. says Steve Wynn ‘foreign agent’, lobbied for China
    U.S. says Steve Wynn ‘foreign...

    May 18, 2022  

  • Macau ops share junket deposit liability: Macau top court
    Macau ops share junket deposit...

    May 16, 2022  

More news
  • Melco to launch new family attraction at Studio City in June
    Melco to launch new family attraction...

    May 19, 2022  

  • Andrew Lo takes controlling stake in Suncity, Summit Ascent
    Andrew Lo takes controlling stake in...

    May 19, 2022  


Latest News

Melco to launch new family attraction at Studio City in June

Melco to launch new family attraction at Studio City in June

May 19, 2022  

Casino operator Melco Resorts and Entertainment Ltd announced on Thursday that it would launch at the end of June a new, themed zone for “family-friendly” entertainment at its majority-owned...
Read More
Andrew Lo takes controlling stake in Suncity, Summit Ascent

Andrew Lo takes controlling stake in Suncity, Summit Ascent

May 19, 2022  

Okada Manila chair Manuel Lazaro dies aged 87

Okada Manila chair Manuel Lazaro dies aged 87

May 19, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$403.9 million

Interim normalised profit after tax and amortisation reported by slot machine maker and online gaming content provider Aristocrat Leisure



Most Popular

  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
  • U.S. says Steve Wynn ‘foreign agent’, lobbied for ChinaU.S. says Steve Wynn ‘foreign agent’, lobbied for China May 18, 2022
  • Andrew Lo takes controlling stake in Suncity, Summit AscentAndrew Lo takes controlling stake in Suncity, Summit Ascent May 19, 2022
  • New Lim cruise biz only months after GEN HK in liquidationNew Lim cruise biz only months after GEN HK in liquidation May 18, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us