{"id":18298,"date":"2021-05-26T15:47:59","date_gmt":"2021-05-26T15:47:59","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=18298"},"modified":"2026-04-23T19:12:05","modified_gmt":"2026-04-23T22:12:05","slug":"genting-singapores-recovery-slower-than-expected-analysts-say","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-singapores-recovery-slower-than-expected-analysts-say","title":{"rendered":"Genting Singapore’s recovery slower than expected, analysts say"},"content":{"rendered":"\n

Brokerage Nomura has reduced its previous EBITDA forecasts for Genting Singapore due to lower than expected revenue in Q1.<\/p>\n\n\n\n\n\n\n\n

Singapore.-\u00a0Genting Singapore’ recovery\u00a0<\/strong>is taking more time than expected due to countermeasures related to the Covid-19 pandemic.<\/p>\n\n\n\n

Brokerage Nomura has reduced its previous EBITDA forecast by 15 per cent<\/strong>\u00a0for 2021 and 2022. It now expects Genting Singapore to record an\u00a0average quarterly EBITDA of SGD133m for 2021<\/strong>, down 37 per cent from the previous quarter.<\/p>\n\n\n\n

According to analysts,\u00a0a new rise in Covid-19 cases in Singapore and Malaysia led to the revised forecast.<\/strong><\/p>\n\n\n\n

Singapore has recently announced that the planned\u00a0travel bubble<\/a>\u00a0with Hong Kong has been put back until at least June.<\/p>\n\n\n\n

In April, the Ministry of Transport <\/strong>announced that an air travel bubble with Hong Kong was to begin on May 26. However, last week Singapore registered new cases of Covid-19<\/strong>, leading to the plans to be put back.<\/p>\n\n\n\n

In Malaysia<\/a>, authorities have ordered the\u00a0temporary closure of the Resorts World Genting\u2019s (RWG) casino\u00a0<\/strong>until further notice as part of Covid-19 countermeasures.<\/p>\n\n\n\n

Movement Control Order 3.0 <\/strong>announced by the government orders people to work from home and limit the operating hours.<\/p>\n\n\n\n

Genting Singapore<\/a> reported a decrease in revenue of 32 per cent year-over-year<\/strong> and 12 per cent compared to the previous quarter during Q1.<\/p>\n\n\n\n

Adjusted EBITDA<\/strong> came in at SGD118.1m, down 19 per cent from the SGD145m <\/strong>in the first quarter of 2020. <\/p>\n\n\n\n

Casino sales were up 2 per cent when compared to the previous quarter<\/strong>, from SGD213.5m to SGD216.9m but down 19 per cent from 2020 levels<\/strong>.<\/p>\n\n\n\n

Despite the slight increase in casino sales thanks to domestic business after properties reopened, the casino operator is highly dependant on international tourism<\/strong>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Brokerage Nomura has reduced its previous EBITDA forecasts for Genting Singapore due to lower than expected revenue in Q1.<\/p>\n","protected":false},"author":176,"featured_media":18311,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Nomura has reduced its EBITDA forecasts for Genting Singapore for 2021 and 2022 by 15%, attributing the revision to lower-than-expected Q1 revenue and persistent COVID-19 countermeasures. The brokerage now projects an average quarterly EBITDA of SGD133m for 2021, a 37% decrease from prior expectations, primarily due to renewed travel restrictions and casino closures impacting international tourism. Genting Singapore's Q1 revenue declined 32% year-over-year, with adjusted EBITDA down 19%, despite a slight quarter-over-quarter increase in casino sales driven by domestic patronage.","focusai_entities":"Nomura, Genting Singapore, Resorts World Genting","focusai_location":"Singapore, Malaysia, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Genting Recovery Timeline","query":"What specific operational adjustments or market diversification strategies is Genting Singapore implementing to mitigate the prolonged impact of international travel restrictions and accelerate its EBITDA recovery beyond 2022?"},{"label":"Regional Market Resilience","query":"How do the Q1 performance and revised forecasts for Genting Singapore compare to other integrated resort operators in the APAC region, particularly concerning their reliance on domestic versus international GGR?"}],"footnotes":""},"categories":[157,16333],"tags":[23687,23907],"class_list":["post-18298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-genting-singapore","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=18298"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18298\/revisions"}],"predecessor-version":[{"id":18324,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/18298\/revisions\/18324"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18311"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=18298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=18298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=18298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}