Can Hotel Jurong reverse Genting’s bad luck?

It’s slated to open on April 30.

Genting Hotel Jurong is finally slated to open on April 30. With Genting suffering from weak gaming numbers, can the 556-room hotel finally reverse the group’s bad luck?

According to DBS analyst Mervin Song, the hotel’s opening is a positive catalyst for Genting as there is a dearth of hotel rooms on Sentosa while occupancy rates remain high.

“We see the opening of the Jurong hotel as a positive catalyst for GEN’s mass/premium mass business. Given the slowdown in the VIP business, GENS will focus its attention on the mass and premium mass business,” Song wrote.

However, Macquarie analyst Somesh Kumar begs to disagree. He notes that forecasts on Genting Hotel Jurong are “unrealistic” given the soft local tourism market.

“We believe street is overlooking the sharp drop in Indonesia and Malaysia tourist arrivals, the strengthening SGD against MYR and IDR, and increasing regulations in Singapore,” Agarwal noted.

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