• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 24 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
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
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
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
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Nomura warns Genting Berhad, Genting Malaysia at risk from China’s economic slowdown as tourism recovery slows

Ben Blaschke by Ben Blaschke
Thu 6 Jul 2023 at 06:07
Genting in Macau … Why? How? (Part 2 of 2)

Genting Malaysia’s Resorts World Genting.

1.1k
SHARES
28.5k
VIEWS
Print Friendly, PDF & Email

Malaysian casino giant Genting Berhad and subsidiary Genting Malaysia are both seen as vulnerable to a slowdown of China’s economy, with Nomura analysts estimating that Chinese tourist numbers have climbed to no higher than 30% of pre-COVID levels in recent months.

The warning formed part of a research note examining the various impacts of China’s economic slowdown on Malaysia after Nomura’s China economist, Dr Ting Lu, recently lowered his GDP growth forecast for China to 5.1% for 2023, down from 5.5%, and 3.9% in 2024, down from 4.2%. The downgrade was due to the “worsening downward spiral of major activity data and Beijing’s tepid response to date,” Dr Lu said in his June update.

In a Wednesday note, Nomura’s Tushar Mohata and Alpa Aggarwal said a slowdown in China’s economic growth is likely to have a negative spillover effect on Malaysia macro and stock markets through various channels, while a slow recovery in Chinese tourists to Malaysia is also likely to dent the recovery and earnings growth prospects of “reopening-theme” stocks, including both Genting and Genting Malaysia.

“Note that 3.1 million Chinese tourists visited Malaysia in 2019, and while data from Malaysia is not readily available, we think Chinese tourist numbers have not been more than 25% to 30% of the pre-COVID levels in the last couple of months,” they wrote.

“A slowdown and negative wealth-effects in China are likely to lead to missed tourist arrivals/earnings expectations for ASEAN casinos.

“Both Genting and Genting Malaysia are vulnerable. For Genting, Malaysia-Singapore resorts account for 67% of FY23 EBITDA estimates, and for Genting Malaysia, Malaysia resort accounts for 70% of FY23 EBITDA estimates.”

Nomura recently upgraded Genting to “Buy” due to significant market cap discounts. It also upgraded revenue estimates for Genting Malaysia by 7% in 2023 and 2024, and its EBITDA estimates by 6% in 2023 and 8% in 2024.

However, in the same analysts noted Wednesday that, “While [Malaysia’s] Resorts World Genting has been more domestic focused versus [Singapore’s] Resorts World Sentosa, the growth in EBITDA from FY22 to FY24 is largely premised on Chinese arrivals.”

RelatedPosts

Genting’s KT Lim moving to take New York’s Resorts World Catskills private

Maybank IB: Genting Malaysia earnings to climb 24% in FY26 on “positive” sale of New York resort’s non-gaming assets

Tue 19 Aug 2025 at 05:26
Genting Malaysia to form part of new merged entity taking full ownership of New York’s Empire Resorts

Genting Malaysia to eliminate Empire Resorts debt via sale and lease back agreement for non-gaming assets of New York’s Resorts World Catskills  

Mon 18 Aug 2025 at 05:14
Singapore’s Changi Airport now Asia’s busiest airport as Hong Kong falls further behind

Singapore’s Changi Airport says passenger traffic from China up almost 16% in 2Q25

Wed 23 Jul 2025 at 05:55
Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Tue 22 Jul 2025 at 05:21
Load More
Tags: ChinaGenting BerhadGenting MalaysiaMalaysiastockstourism
Share455Share80
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Wynn Macau

Wynn Macau Ltd to redeem in full US$1 billion of outstanding notes due 2026 in September

by Ben Blaschke
Fri 22 Aug 2025 at 11:00

Wynn Macau Ltd confirmed Friday that it will redeem in full senior notes due 2026 and valued at US$1 billion on 2 September 2025. The redemption includes the company’s US$750 million 5.500% senior notes due 2026 issued in June 2020...

Indian court denies request to block all online gambling sites during cricket World Cup

Indian parliament bans all real-money online gambling

by Newsdesk
Fri 22 Aug 2025 at 06:21

The Indian parliament has passed a bill that will ban all real-money online gaming, including skill games such as fantasy sports and poker. Reuters reports that India’s upper house passed the controversial Promotion and Regulation of Online Gaming Bill 2025...

Sri Lankan cabinet approves creation of Gambling Regulatory Authority

Sri Lankan parliament passes Gambling Regulatory Authority Bill

by Ben Blaschke
Fri 22 Aug 2025 at 06:03

Sri Lanka’s Gambling Regulatory Authority Bill has been passed by the nation’s parliament with amendments, local media has reported. The Bill, which was gazetted in May under the directives of President Anura Kumara Dissanayake in his capacity as the Minister...

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

by Newsdesk
Fri 22 Aug 2025 at 05:40

Winford Resort & Casino Manila has become the first gaming complex in the Philippines to publicly commit to a comprehensive plant-forward initiative, pledging to make 30% of all menu offerings plant-based across its food service operations by early next year....

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

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

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English