Genting to benefit from SG’s high vaccination rate, possible reopening: OCBC Investments

Singapore has reached a 75% vaccination rate as of 15 August.

Genting Singapore will benefit from the easing of restrictions and selective opening of borders by end-2021 due to high inoculation rate, OCBC Investment Research said, following an increase in profit in the first half.

OCBC Investment expects Singapore to be on track of its target to reach 80% full-vaccination rates by September which will result in more social activities and resumption of travel in the same month.

“Whilst we believe the demand is likely to remain largely supported by local demand in the second half of 2021, Genting will benefit from Singapore’s high inoculation rate which will create opportunities for a gradual and selective opening of borders by the end of 2021,” it said.

As of 15 August, 75% of Singapore’s population have been vaccinated. 

Genting Singapore reported a S$88.2m profit for the first half from a loss of S$116.7m in the same period last year, mainly on the back of higher gaming revenue which soared 61.4% year-on-year. Its total revenue grew 23.7% YoY to S$554.8m from S$448.3m.

It also noted that Genting, as one of the remaining two bidders, said winners for the Yokohama Integrated Resort bid will likely be announced in September