Genting Singapore downgraded to hold at Maybank on weak GGR

Genting Singapore stock has been downgraded to “hold” at Maybank as it was unable to match rival Marina Bay Sands in growing its gross gambling revenue in the most recent quarter.

The firm said overall results beat expectations, but that was largely due to one-off items.

Resorts World Sentosa was allowed to double capacity to 50 percent from Sept. 18 and allow all guests as opposed to just members. However, its GGR in the quarter was flat compared with a 12 percent gain at MBS quarter-on-quarter.

Genting doesn’t expect GGR growth to improve due to a lack of foreign visitation and also doesn’t the VIP market to recover to pre-Covid levels due to China’s scrutiny of those luring gamblers to overseas casinos.