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Nomura: Resorts World Sentosa likely to see seasonal VIP weakness in Q2

Ben Blaschke by Ben Blaschke
Fri 26 Jul 2024 at 06:20
2021: Japan IR – Crunch time part 2
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Genting Singapore’s Resorts World Sentosa (RWS) can expect to report a seasonal decline in business volumes for the three months to 30 June 2024, particularly in the VIP gaming segment, according to financial services group Nomura.

The prediction is a read-across from Singapore rival Marina Bay Sands (MBS), which on Thursday reported a 26% quarter-on-quarter decline in VIP rolling chip volume, primarily due to seasonality as well as disruption from ongoing hotel renovations.

While the two Singapore IRs don’t always rise and fall in unison, Nomura’s Tushar Mohata and Alpa Aggarwal said the sequential decrease in volumes at MBS suggest that RWS will also likely report quarter-on-quarter seasonal weakness, especially in the VIP segment.

“According to the analysts, “2Q visitation stats also dipped slightly to Singapore in 2Q24. Barring volatility in VIP hold rate, which is unfeasible to predict, we think 2Q24 revenue/adjusted EBITDA might be softer than 1Q24 due to usual seasonal weakness in gaming volumes, along with the closure of Hard Rock Hotel and a likely upward normalization of impairment losses.”

Despite this, Nomura has reiterated a “BUY” rating on Genting Singapore because Q2 weakness is “well expected” and investors are likely to look beyond. For FY24, the group estimates a 28% year-on-year increase in rolling chip volume and 5% increases in both slot handle and mass table drop, reflecting “progressive improvement in overseas visitor arrivals from China.”

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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