With Eased Travel Restrictions in Singapore, Genting Singapore Casino Recovery Lies Ahead

Genting Singapore operates one of only two casinos in Singapore, with about 40% market share. The casino is part of Genting Singapore’s Resorts World Sentosa, or RWS, a world-class integrated resort, or IR, with theme park, hotels, and restaurants. RWS provides substantial nongaming revenue (around 25%-30% of total revenue) to Genting Singapore, having attracted more than 20 million visitors since opening in 2010. We believe RWS will continue to cement its position as a desirable destination for tourists and gamblers in Singapore, and this should ensure stable earnings growth for the firm. Singapore is Asia's second-largest gaming market and the world’s third-largest.