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Malaysia and Singapore gaming sectors rise on Chinese tourism

January 7, 2024
in General
Malaysia and Singapore gaming sectors rise on Chinese tourism
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Malaysia and Singapore gaming sectors rise on Chinese tourism

KUALA LUMPUR/SINGAPORE – The gaming industries in Malaysia and Singapore are witnessing a notable upswing as an increase in Chinese tourists boosts revenues. The relaxation of visa requirements and enhanced air connectivity have played a crucial role in attracting more visitors from China to both countries.

Genting Singapore reported substantial growth in its mid-year financials, with a significant rise in both revenue and adjusted EBITDA. This improvement has been largely attributed to the return of Chinese tourists, a trend which is anticipated to persist into FY24 as flight options from China expand.

Similarly, Malaysia’s gaming sector, represented by Genting Malaysia, is also experiencing a positive shift. Maybank has forecasted a considerable earnings growth for Genting Malaysia in FY24. This projection is based on the expectation that the tourism recovery will continue, with visitor numbers likely to return to pre-pandemic levels.

The optimism surrounding the gaming sector is further reinforced by the strong net profit recorded by Genting Malaysia in Q3 FY23, marking a reversal from the loss experienced in the previous year. This financial turnaround is indicative of the sector’s resilience and its potential for sustained growth in the wake of increasing tourist arrivals.

InvestingPro Insights

As the gaming industries in Malaysia and Singapore flourish, with a particular boost from the influx of Chinese tourists, it’s worth noting the performance of key players in the sector. For instance, W. P. Carey Inc. (NYSE:), while not directly mentioned in the article, provides a relevant comparison as a company with significant real estate assets, including in the leisure sector which encompasses gaming properties.

InvestingPro data highlights WPC’s robust financial health, with a market cap of $14.18 billion and a P/E ratio standing at 17.84. The company’s revenue has grown by an impressive 22.15% over the last twelve months as of Q3 2023, pointing to strong operational performance. Moreover, the gross profit margin during the same period was a remarkable 92.39%, underscoring the company’s efficiency and profitability.

InvestingPro Tips for WPC emphasize the company’s high earnings quality, as its free cash flow exceeds net income, and its consistent increase in earnings per share. These factors are particularly relevant for investors considering the gaming sector’s potential for sustained growth, as indicated by the positive trends in Malaysia and Singapore. Additionally, WPC has maintained dividend payments for 26 consecutive years, which may interest income-focused investors.

For those seeking more insights, there are over 10 additional InvestingPro Tips available for WPC at https://www.investing.com/pro/WPC. With the InvestingPro subscription now on a special New Year sale with discounts of up to 50%, it’s an opportune time to access in-depth analysis and data. Plus, use coupon code sfy24 to get an additional 15% off a 2-year InvestingPro+ subscription, enhancing your investment research at an even greater value.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Investing.com – https://www.investing.com/news/economy/malaysia-and-singapore-gaming-sectors-rise-on-chinese-tourism-93CH-3268718

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