Report
UOB
Jack Goh Tooan Orng ...
  • Vincent Khoo Boo Aik

Gaming - MBS 2Q21 Results: Recovery hampered by COVID-19 pandemic, again

MBS delivered a lacklustre quarter with 2Q21 net gaming revenue declining 26% qoq as Singapore moved to Phase 2 (Heightened Alert) of the country’s circuit breaker. Nevertheless, local patronage and the mass market segment remained relatively resilient. While we remain confident that Singapore’s casinos are poised for a better recovery in 2H21, near-term sentiment in the sector will be impacted by the COVID-19 outbreak identified at MBS yesterday. Maintain OVERWEIGHT.
Underlying
Genting Singapore

Genting Singapore PLC is an investment holding company. The Company, through its subsidiaries, is engaged in the development and operation of integrated resort, operation of casinos, provision of sales and marketing support services to leisure and hospitality related businesses and investments. It operates through leisure and hospitality operations segment within Singapore. The operations in other geographical areas in the Asia Pacific (excluding Singapore) include development of an integrated resort in Korea and other investments. It is engaged in the development and operation of integrated resorts, consisting of gaming; hospitality; meetings, incentives, conferences and exhibitions (MICE); leisure, and entertainment facilities. It owns Resorts World Sentosa in Singapore, a destination resort that offers a casino, Universal Studios Singapore theme park, Adventure Cove Waterpark, S.E.A. Aquarium, MICE facilities, hotels, Michelin-starred restaurants and specialty retail outlets.

Provider
UOB
Analysts
Jack Goh Tooan Orng

Vincent Khoo Boo Aik

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