Genting Singapore could be affected by the new Omicron Covid-19 variant and a reduction in Vaccinated Travel Lane quotas.<\/p>\n\n\n\n\n\n\n\n
Malaysia.- Analysts at Maybank have said that Genting Singapore could be affected by fewer passengers on the Vaccinated Travel Lane land link between Singapore and Malaysia and competition from overseas operators for quality mass gamblers.<\/p>\n\n\n\n
In a research note,\u00a0analyst Yin Siu Yang lowered his target price for the integrated resort operator<\/strong>\u00a0from S$0.86 to S$0.83 after he cut his core net profit forecast by 72 per cent for FY2022 and 54 per cent for FY2023. Analysts noted that prior to the Covid-19 pandemic,\u00a0Malaysians contributed 20 to 30 per cent of Resorts World Sentosa (RWS) VIP numbers<\/strong>\u00a0and 30 to 40 per cent of its mass-market gross gaming revenue.<\/p>\n\n\n\n However, due to a reduction in the Vaccinated Travel Lane quota and ticket sales after January 20, analysts believe\u00a0Genting Singapore may be affected by a drop in custom<\/strong>\u00a0during Chinese New Year. According to Business Times, Yin also noted that a quarter of the company’s VIP market could “disappear forever” because China has passed an amendment that prohibits organising or soliciting cross-border gambling.<\/p>\n\n\n\n Analysts at Maybank expect half of RWS’s gross mass-market gaming revenue to be lost to integrated resorts in Macau, the Philippines and Cambodia. They believe the arrest of\u00a0Alvin Chau Cheok Wa<\/a>, CEO of Suncity Group Holdings, could prompt operators to target high-end mass gamblers who gamble regularly in Singapore.<\/p>\n\n\n\n Analysts finally noted that the Gambling Tax Act 2022 which aims to\u00a0raise the tax rate operators must pay on their income<\/a>\u00a0could reduce the casino operators’ earnings. Singapore\u2019s parliament<\/strong>\u00a0has recently agreed to\u00a0increase the tax rate<\/a>\u00a0to 18 per cent on the first SGD3.1bn (US$2.3bn) in GGR collected by casino operators.<\/p>\n","protected":false},"excerpt":{"rendered":" Genting Singapore could be affected by the new Omicron Covid-19 variant and a reduction in Vaccinated Travel Lane quotas.<\/p>\n","protected":false},"author":176,"featured_media":21474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Singapore's financial outlook is significantly impacted by reduced Vaccinated Travel Lane quotas, intensified regional competition, and China's cross-border gambling prohibition. Maybank analysts have consequently lowered profit forecasts and target prices, citing potential GGR losses from key markets. Further earnings pressure is anticipated from Singapore's new Gambling Tax Act, which increases the tax rate on casino operators' income.","focusai_entities":"Genting Singapore, Maybank, Yin Siu Yang, Resorts World Sentosa, Suncity Group Holdings, Alvin Chau Cheok Wa, Singapore's parliament","focusai_location":"Singapore, Malaysia, China, Macau, Philippines, Cambodia","focusai_target_profile":"ceo_executive (1.0), regulator (0.9), compliance_legal (0.9), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Impact of China's Ban","query":"How will China's prohibition on organizing or soliciting cross-border gambling fundamentally alter the VIP and high-roller market dynamics for integrated resorts across Southeast Asia, beyond just Genting Singapore?"},{"label":"Regional Competition Shift","query":"What specific strategies are integrated resorts in Macau, the Philippines, and Cambodia deploying to attract high-end mass gamblers, and how might this intensify competitive pressure on Singaporean operators?"}],"footnotes":""},"categories":[157,16338],"tags":[23687,23907],"class_list":["post-26398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-genting-singapore","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26398","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=26398"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26398\/revisions"}],"predecessor-version":[{"id":26409,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26398\/revisions\/26409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/21474"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}