Singapore’s Resorts World Sentosa (RWS) is unlikely to mirror the strong VIP performance of its local rival Marina Bay Sands (MBS) when operator Genting Singapore releases its 4Q24 financial results next month, with reduced hotel room capacity and seasonality expected to maintain weakness in the segment, according to Nomura analysts.
MBS parent Las Vegas Sands released its results for the December quarter earlier this week, which showed a 10% year-on-year and 24% quarter-on-quarter increase in VIP rolling chip volume to SG$10.75 billion (US$7.96 billion) – representing 107% of the property’s average 2019 quarterly run-rate.
However, in an overnight note, Nomura’s Tushar Mohata and Alpa Aggarwal said they do not anticipate similar growth at RWS for the quarter as 4Q is seasonally weaker for the company due to outbound travel from Singapore and continued softness in VIP business.
