Genting Singapore Eyes Casual Gamblers as Source of Revenue

Genting Singapore is planning to broaden the scope of its operations by partially pulling away from the VIP segment and refocusing a part of its efforts onto the casual player vertical instead. The intention was confirmed by company CEO Tan Hee Teck who spoke to shareholders and outlined some of the future plans for the casino.

Genting Singapore Taps VIP and Premium Holding

Teck was eager to assure shareholders that Genting Singapore is in good standing and that, despite challenges, and shifting demographics in terms of visitors, the establishment had a plan to remain competitive. Part of this will be the repurposing of the Resorts World Sentosa which will focus on the casual gambler more than any VIP customers.

While a big part of the efforts will go into traditional tourism, Teck was confident that a fair bit of the group’s revenue would continue to originate from traditional gambling never mind the shifts in consumer habits brought on by the COVID-19 pandemic. In fact, the company is so confident that casual gambling will begin playing a substantial role in the company’s finances that Genting Singapore is investing $4.5 billion to renovate the Resorts World Sentosa.

This comes in the context of higher overall revenue for the group which reached $314.5 million in the first quarter of the year. This is a 13% year-over-year increase and a 21% jump since Q4, 2021. Genting Singapore will get its first accurate field test in the coming weeks as COVID-19 restriction relaxation is beginning to slowly lift up and provide tourist destinations in Asia with their much-needed travelers.

Premium Travelers Expected to Arrive in Singapore

According to Teck, who delivered his shareholder address last month, but the transcript was only shared this week, Singapore Tourism Board has confirmed that the next wave of travelers would be categorized in the “premium” class, which means strong purchasing power. But those aren’t hardcore gamblers who necessarily visit to hit the baccarat tables it seems as if Genting Singapore is now mustering its resources to offer an alternative experience as well.