Genting Singapore’s Q2 Missed on Lower Win Rates; Accelerating Recovery Outlook Is Intact

Genting Singapore’s second quarter missed market expectations, with a sharply lower win rate the key drag. However, excluding the luck factor, its second-quarter performance would have been in line with peer Marina Bay Sands and our expectations. We retain our upbeat outlook for the Singapore gaming sector’s recovery, as the pent-up demand for casinos from southeast Asian countries, particularly Malaysia and Indonesia, has been released following the easing of restrictions. With tourism traffic and airline capacity continuing to recover, we expect Singapore casinos to extend the strong growth momentum in the second half of 2022.