“Both VIP and Mass (along with non-gaming) should see slow recovery and we do not expect to see Genting Singapore to get back to 2019 levels until 2022, it said.
However, during a panel discussion held on Monday night, Vitaly Umansky of Bernstein Research noted that Singapore may be one of the markets to recover quicker due to its domestic gamblers. Markets that rely solely on foreign gamblers will take longer to recover, he said.
Over the coming year, Marina Bay Sands is better positioned to maintain market share and will come in the form of significantly elevated bad debt.
The brokerage has downgraded Genting Singapore to Market-Perform.