Analysts predict strong second half for Malaysia and Singapore gaming sectors
HLIB Research highlighted increased tourist arrivals.
Malaysia.- Hong Leong Investment Bank Research has predicted that the gaming sectors in Malaysia and Singapore will see a strong second half due to increased tourist arrivals and regulatory changes. As reported by The Star, analysts said casino operators will benefit from increased flight capacity and visa-free travel agreements with China.
The research firm noted that while Malaysia and Singapore showed resilience as destinations for Chinese travellers in 2023, travel volumes are still below 2019 levels. Malaysia aims to achieve 27.3 million foreign-tourist arrivals this year, while Singapore is hoping for 15 to 16 million visitors.
In the first quarter of the year, Genting Singapore posted revenue of SG$784.4m (US$580m), up 62 per cent in year-on-year terms and up 21 per cent when compared to the previous quarter. Genting Malaysia posted net profit of MYR36.7m (US$7.8m), which compares to a net loss of MYR45.4m (US$9.65m) a year earlier. Revenue was MYR2.76bn (US$586.87m), up 21.1 per cent in year-on-year terms but down 1.6 per cent sequentially.
