Singaporeans, I’m sure, are all too familiar with the only two integrated resorts (read: casinos) in the country, Marina Bay Sands and Resorts World Sentosa. While the former has become an iconic addition to the Singapore skyline and a popular sightseeing destination, Resorts World has built its name as a family and lifestyle destination due to its location in Sentosa and the Universal Studios theme park.
Resorts World Sentosa is owned by Genting Singapore PLC (SGX: G13), a gaming and integrated resorts developer and operator. Genting Singapore was incorporated in 1984 and listed on the SGX in 2005. Besides Singapore, the group also has a presence in Australia, the Bahamas, Malaysia, the Philippines, and the UK.
According to credit rating agency Fitch, gaming revenues continued to slide in 2016 due to a contraction in the VIP segment and expects gaming revenues to remain flat at US$4 billion for 2017. It ......