The “nascent return” of Chinese customers as airline traffic continues to increase bodes well for Genting Singapore, ensuring there is “a lot of room for gaming operations to improve,” according to Maybank analyst Samuel Yin Shao Yang.
In a Monday note following publication of Genting Singapore’s 1Q23 results late last week, Yin noted that the company’s prospects for the year ahead remained strong despite low hold and seasonal weakness at its Singapore casino, Resorts World Sentosa (RWS), pushing EBITDA down by 25% on the December 2022 quarter.
On a hold-normalized basis, the analyst observed, gaming operations at RWS ramped further in 1Q23 to fall within expectations. More importantly, “With seat capacity from China to Singapore recovering hastily, there is a lot of room for gaming operations to improve,” Yin said.
