Struggling Genting pins hopes on Jurong Lake Hotel

Will it be able to deliver?

Genting Singapore estimates that it is only halfway through two-year slowdown in VIP numbers, brought about by the sharp decline in the number of Chinese high-rollers following the mainland’s anti-corruption crackdown.

According to Nomura, Genting is now pinning its hopes on the 500 room Jurong Lake Hotel, which is due for a soft launch in the second quarter of 2015. The hotel is expected to increase the group’s room inventory to around 2,000.

“Due to its location (western Singapore), and lower ADR of SGD200 onwards, management hopes to drive increased visitation, especially from the Malaysian market driving to Singapore. Also, the company has reported an increase in its mass market volume in the 3Q14 results, after optimising its loyalty programme and focusing more on the premium mass players,” noted Nomura.

Nomura notes that it is positive on Genting’s long-term outlook. Apart from its Jurong Hotel, Genting is also betting on the construction of Resorts World Jeju and is hopeful that Japan’s casino bill will be passed next year.

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