Gaming revenue at Genting Singapore bouncing back on domestic market demand

But stock price may not reflect fully resilience of local sources of income

Annabeth Leow

Published Thu, Jan 21, 2021 · 05:50 AM

SINGAPORE'S gaming sector is far from its pre-pandemic levels - but the bloodshed that analysts had feared last year appears to have been averted.

Local gamers have been supportive in their patronage of tables at the two integrated resorts (IRs): Genting Singapore's Resorts World Singapore (RWS) and Las Vegas Sands Corp's Marina Bay Sands (MBS).

Yet, the unexpected resilience in casinos is not fully reflected in Genting Singapore's share price.

Despite strict restrictions on inbound travel into Singapore, Genting Singapore defied the worst-case scenarios about a lack of appetite from domestic punters during a recession.

The company bounced back from a second-quarter 2020 net loss to a net profit of S$54.4 million…