Genting Singapore Earnings: Recovery Continues, but Company Lags Peer Marina Bay Sands

Genting Singapore’s first-quarter results continued to reflect a solid recovery, benefiting from the return of regional travel and gaming demand. However, its pace of recovery lagged peer Marina Bay Sands, with Genting's revenue at 76% of 2019 levels, compared with 111% at MBS. Genting's slower recovery was weighed down by a lower win rate, while Genting’s higher reliance on Chinese visitors has also slowed its pace of recovery as China’s international flight capacity remained at a low level in the quarter. This is largely within our expectations, and with tourism traffic and airline capacity continuing to recover—particularly the gradually normalizing travel between China and Singapore—we expect Genting to accelerate its growth in the coming quarters.