Genting Singapore has revealed plans to expand its player base by focusing on those who play casually for entertainment.
Singapore.- During Genting Singapore’s annual general meeting, CEO Tan Hee Teck said the casino operator is seeking to broaden its customer base to those who engage in casual play for entertainment. According to Teck, the goal is to diversify the customer base as Resorts World Sentosa transforms into a complex that caters to less serious players.
In addition, Teck said that in the coming years the IR will begin to receive more premium visitors with a high spending capacity and that the company had to adapt to their needs. Teck was also asked about a possible return to pre-pandemic levels in the medium term but he warned the company had to solve several issues prior to returning to 2019 levels.
RWS has confirmed it will carry out a phased refurbishment from this quarter to 2023. The plan will cover 1,200 units across its three hotels: Hard Rock Hotel Singapore, Hotel Michael and the Festive Hotel.
When completed, the Festive Hotel will be transformed into a business leisure and working holiday hotel with a variety of mobile workspaces and lifestyle offerings to reflect new work trends, Genting Singapore said.
The company has reported a rise in Q1 gaming revenue of 42.2 per cent sequentially and 8.1 per cent year-on-year.
The company posted a net profit of SG$40.4m (US$28.9m), up 17.3 per cent quarter-on-quarter and up 16.9 per cent when compared to last year. Revenue was SG$314.5m (US$225m), up 13.2 per cent year-on-year and 20.5 per cent quarter-on-quarter.
Genting Singapore GGR unlikely to recover soon, analysts say
Yin Shao Yang, an analyst at Maybank, has said that it’s unlikely that Genting Singapore’s gross gaming revenue will return to pre-pandemic levels anytime soon due to the fact that competition in the Asian market has grown.
According to Maybank, Resorts World Sentosa‘s VIP volume will return to 83 per cent of 2019 levels by mid-2022, while mass-market will recover to 92 per cent of its prior levels next year, from 2024.
The gaming industry has grown in the Philippines and Cambodia, and there’s also the chance that Thailand may legalise gambling, which would cause players to migrate to that market.