In the final week of February 2020, Genting Singapore share price finally caved in, falling from $0.87 to $0.82. The reason for the fall was of course due to the horror plunge of Dow Jones in that week. Being part of the STI, it is no surprise that Genting Singapore share price turned bearish. But what is astonishing to me is that this counter had remained quite resilient in the face of the numerous headwinds the company faced.
Prior to the outbreak of the coronavirus, Genting Singapore share price had been grappling with the surprise increase in higher casino tax by 2022 and 50% increase in casino entry levies for Singaporeans and PRs effective 4 April 2019.
It didn’t help that the trade war between US and China had lasted longer than expected. The fallout from the bitter war is the possibility of Chinese high-rollers unable to repay their...