Genting Singapore’s gross gambling revenue isn’t likely to return to its pre-Covid levels due to an expected lack of Chinese gamblers and greater competition from around the region, Maybank said in a note.
Felix Ng -
Maybank Investment Bank has cut its profitability expectations for Genting Malaysia for the full-year ending December 31, 2022, with omicron continuing to weight on hotel performance at Resorts World Genting.
Malaysia is currently going through a spike in Covid cases due to the Omicron variant, though Maybank says it’s cautiously optimistic the impact on the gaming industry will be limited this time around.
Genting Malaysia finally opened the gates to its long-delayed theme park this week, which is expected to pull in the crowds to the Genting Highlands resort. Samuel Yin Shao Yang, an associate director of Maybank Investment Bank, puts some numbers to how the park will benefit the Malaysian operator.
The arrest of Suncity CEO Alvin Chau has put $19.3 billion in VIP gross gambling revenue at risk and other jurisdictions around Asia are likely to target Singapore's premium mass players to help plug the gap, Maybank said in a report.
The opening of Genting Malaysia's SkyWorlds theme park has been delayed again, likely to coincide with the Chinese New Year in February, which is likely to be positive for the operators, according to Maybank research.
Felix Ng -
Analysts from Maybank Investment Bank are expecting a delay in the reopening of Resorts World Genting to November this year, following a surge in Covid-19 cases, local media reports.
Yokohama is likely to proceed with its IR plans following upcoming mayoral elections Genting Singapore and Sega Sammy is seen as the winner, Maybank says.
Genting Singapore stock has been upgraded to "buy" by analysts at Maybank on expectations it will win a license in Yokohama, Japan.
Genting Singapore is in a strong position to win a license for an integrated resort in Yokohama, which has the potential to generate gross gambling revenue of about $7 billion a year, Maybank Research said.