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Genting Singapore recovery depends on lifting of travel ban

Kenanga Research says Genting Singapore is only halfway to recovery.
Kenanga Research says Genting Singapore is only halfway to recovery.

Analysts have said that Genting still is halfway towards a full recovery but that a lifting of travel restrictions is needed to return to pre-pandemic incomes.

Singapore.- Analysts at Kenanga Research have reported that the recovery of the regional leisure, hospitality and integrated resorts giant Genting Singapore will largely depend on the lifting of current travel restrictions.

The analysts said: “The management (of Genting Singapore) remains cautious given the limited local market size to grow the business.

“Unless cross border restrictions, especially for leisure travelling, is lifted, a full recovery is unlikely in the near term.”

Looking at Genting’s financial reports from the second half of the 2020 financial year, Kenanga maintained that the company remains halfway from recovery.

The company reported that full-year revenue for 2020 fell by nearly 90 per cent, resulting in its “worst financial performance” since the opening of its Resorts World Sentosa property in 2010.

In a bid to boost visitation while travel restrictions remain in place, RWS has launched “staycation packages” for Singapore residents.

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Covid-19 Genting Singapore integrated resorts land-based casino