According to Hong Leong Investment Bank Research (HLIB Research), the gaming industries in Singapore and Malaysia are expected to rebound strongly in the second half of 2024 due to a rise in visitor arrivals and new laws.
The Star said that the research firm kept a “overweight” position on the industry, citing the return of international flight capacity and the agreement allowing Chinese citizens to travel without a visa as major reasons for the positive view.
As a result of the steady increase in visitor numbers, “we anticipate continued earnings recovery for Genting Singapore Ltd and Genting Malaysia Bhd in 2H24 and beyond—and thus benefiting Genting Bhd,” the statement stated.
Singapore hopes to see between 15 to 16 million international tourists this year, compared to 13.6 million in 2023, while Malaysia hopes to reach 27.3 million foreign visitor arrivals in 2024 from 20.1 million in 2023.
In order to lessen the likelihood of such closures in other states, HLIB Research also emphasized the recent High Court verdict that the Kedah government’s decision to stop issuing and renewing business licenses for gambling companies is illegal.
After benefitting from seasonally greater sales in the previous quarter, the research company forecasts Sports Toto Bhd’s number predicted operator segment to normalize in the fourth quarter ending June 30th, 2024.
