Genting Singapore GGR unlikely to return to pre-Covid levels: Maybank

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.

Analyst Yin Shao Yang has revised upwards his estimates for the company’s earnings for this year and next due to an earlier-than-expected opening of the country’s borders. However, for 2024, he expects a two percent dip in earnings.

“China has changed the Asian gaming landscape,” he wrote, explaining that VIP won’t return to pre-Covid levels given that China made cross-border gambling a crime in March 2021, imposing a penalty of up to ten years.

Source: https://agbrief.com/news/singapore/10/05/2022/genting-singapore-ggr-unlikely-to-return-to-pre-covid-levels-maybank/