The second half of 2024 is expected to mark a significant recovery for the gaming sectors in Malaysia and Singapore. Hong Leong Investment Bank Research (HLIB Research) has advised investors to maintain an “overweight” position due to several encouraging trends.
Tourism and policy enhancements bolster industry:
A senior analyst at HLIB mentioned, “With global travel resuming more broadly, we anticipate a substantial increase in tourist arrivals, spurred particularly by more favorable visa policies and an increase in flights, especially from major markets such as China.”
Resorts World Genting and Resorts World Sentosa, renowned gaming destinations, are poised to be the greatest beneficiaries of these changes. These resorts are expected to see a substantial increase in foot traffic, primarily tourists from China, who are crucial to their market.
The optimism from HLIB Research is fueled by several key developments. “We are seeing a notable increase in global flight capacity and a pivotal visa-free entry agreement with China, both of which are set to drastically boost tourist arrivals to pre-pandemic numbers and beyond,” an HLIB Research spokesperson detailed. Malaysia’s targeted international tourist count for 2024 is 27.3 million, up significantly from 20.1 million in the previous year, and similar targets are in place for Singapore.
Moreover, the advancements by TauRx Pharmaceuticals Ltd in the development of an Alzheimer’s treatment are drawing considerable attention. This firm, in which Genting holds a stake, is nearing the approval stage for its groundbreaking treatment, potentially adding substantial value to Genting’s portfolio. An analyst added, “This could be a game-changer for Genting, significantly enhancing its market valuation upon successful FDA approval.”
Regulatory stability supports forecast operators:
Recent legal developments have also played a stabilizing role in the industry. A High Court ruling recently declared that the local government’s cessation of licensing renewals for Kedah’s gaming operations was unconstitutional. This decision underscores the federal government’s jurisdiction over gambling regulations, thus ensuring a stable operating environment. “The court’s decision is a critical affirmation of the federal authority over gambling regulations, which will help prevent similar disruptions in other regions,” commented a legal expert on the matter, according to The Star.
With a return to normalcy anticipated by the end of the year, number forecast operators like Sports Toto are expected to experience increased sales, especially in the typically robust third quarter.
As the sector gears up for recovery, Genting is identified by HLIB Research as the top pick to leverage the upcoming upswing. With its significant investments in key resorts and promising developments in the pharmaceutical sector, Genting is well-positioned to capitalize on the industry’s resurgence. “Considering the recovery trajectories and regulatory stabilizations, Genting stands out as a leader, ready to harness the robust growth expected in Malaysia’s gaming industry,” concluded an HLIB report.
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