• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 29 June 2022
  • 中文中文
  • 日本語日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Investment bank lowers Genting Berhad forecasts on possible Singapore headwinds

Newsdesk by Newsdesk
Wed 15 Dec 2021 at 17:32
Genting Singapore set to raise US$3.2 billion from Yen-dominated bonds for Japan expansion

Resorts World Sentosa in Singapore.

31
SHARES
766
VIEWS
Print Friendly, PDF & Email

Malaysian investment bank Affin Hwang Capital has slashed its earnings forecasts for global gaming giant Genting Berhad for the next three years, primarily on potential headwinds for the company’s most profitable subsidiary, Genting Singapore.

In a note, the company said it was lowering estimates by 1.7% for 2021, 17.6% for 2022 and 3.0% for 2023 “due to lower earnings contributions from Genting Singapore (operator of Resorts World Sentosa), as the discovery of the new COVID-19 variant is likely to delay the recovery of its earnings given its strong dependence on foreign tourists.”

The revisions come despite Singapore having recently reopened its borders to international visitors, with around 25 countries currently part of its Vaccinated Travel Lanes program.

“While Genting Singapore could sacrifice margin to gain domestic market share, we believe that the upside is likely to be limited as its peers would likely follow suit as well,” the investment bank said. “Despite the lack of foreign tourists, Genting Singapore’s current operations are still profitable.”

Genting Singapore contributed around 57% of Genting Berhad’s net profit in 2019, however Affin Hwang Capital said there could also be constraints in the company’s other markets.

“The discovery of the new COVID-19 variant has also forced some governments to implement more stringent border controls, which could further hamper the recovery in international tourism,” it said.

RelatedPosts

Growing visitation at Malaysian IR suggests worst is over for Genting Malaysia: RHB Research

Genting Malaysia to ramp Resorts World Genting operations as more existing assets, theme park attractions open

Wed 22 Jun 2022 at 06:02
Increased entry levy to hurt Genting Singapore in 2019 and beyond: analysts

Singapore’s Resorts World Sentosa to install solar panels across 11 sites and attractions under Sentosa island energy plan

Thu 16 Jun 2022 at 13:52
lim kok thay

Malaysian casino tycoons see wealth fall in 2022, says Forbes

Mon 13 Jun 2022 at 05:58
We’re Back!

Morgan Stanley upgrades Bloomberry Resorts estimates on rapid Philippines recovery

Tue 31 May 2022 at 05:16
Load More
Tags: Affin Hwang Capitalearningsearnings estimatesGenting BerhadGenting SingaporeMalaysia
Share12Share2
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial: The Philippines: Asia’s rising star

Editorial: The Philippines: Asia’s rising star

by Ben Blaschke
Mon 30 May 2022 at 23:55

Macau has for the best part of two decades been recognized as the undisputed king of Asia when it comes...

We’re Back!

We’re Back!

by Ben Blaschke
Mon 30 May 2022 at 23:39

While Macau’s operators have reached nine consecutive quarters of substantial GGR losses, the rest of Asia is opening up and...

Into the Sunset

Into the Sunset

by Pierce Chan
Mon 30 May 2022 at 23:29

Pawnbroking has a long history in Macau, dating all the way back to the late Qing Dynasty. The rapid development...

Metaverse: The ultimate destination marketing tool?

Metaverse: The ultimate destination marketing tool?

by Victoria White
Mon 30 May 2022 at 23:17

In the first of a two-part series, MdME’s Victoria White takes a closer look at the rising world of metaverses...

Related Posts

Confirmed number of COVID cases in Macau reaches 414

Confirmed number of COVID cases in Macau reaches 414

by Pierce Chan
Tue 28 Jun 2022 at 10:39

The number of confirmed positive cases of COVID-19 since the continuing Macau outbreak began on 19 June has reached 414, as of 9am (Macau time) on Tuesday 28 June. There were 57 new cases found in the past 24 hours...

Aristocrat completes US$965 million fundraising exercise for Playtech bid

Aristocrat Gaming names Oriana Branon as Vice President of Communications and Corporate Affairs

by Newsdesk
Tue 28 Jun 2022 at 05:57

Aristocrat Gaming, the gaming division of Aristocrat leisure Ltd’s subsidiary Aristocrat Technologies Inc, has announced the appointment of Oriana Branon as Vice President of Communications and Corporate Affairs. Branon, who previously led corporate communications for financial tech giant Bill.com, will report...

Century Entertainment granted two gaming tables as Ng Man Sun opens new casino in Cambodia’s Dara Sakor

Century Entertainment says loss narrowed for FY22

by Newsdesk
Tue 28 Jun 2022 at 05:26

Century Entertainment International Holdings has issued a profit alert, revealing it expects to narrow its loss attributable to owners of the company to HK$3.3 million (US$421,500) for the year ended 31 March 2022. This is down from a loss of...

SJM confirms casino table, machine limits for Grand Lisboa Palace opening day

Moody’s downgrades SJM’s outlook to negative on Macau COVID concerns

by Ben Blaschke
Tue 28 Jun 2022 at 05:13

Moody’s Investors Service has downgraded the outlook on Macau’s SJM Holdings Ltd and its subsidiary Champion Path Holdings Ltd to negative, citing uncertainty around its recovery runway. The agency has, however, confirmed SJM’s Ba3 corporate family rating (CFR) and the...


HKUST

HKUST

Simple Play

IAG

© 2005-2022
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • Contributors
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 日本語

No Result
View All Result
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About
  • 日本語

© 2005-2022
Inside Asian Gaming.
All rights reserved.