“We think a full recovery will likely be in 2025,” she says. Jennifer Song, a Morningstar analyst based in Hong Kong, says Sentosa is on its way to a recovery because the Singapore government chose to “live with Covid.” But the recovery will require international gamblers-30% of Sentosa’s gross gaming revenue came from Chinese gamblers and 50% from international visitors. Last year, Sentosa generated 55% of pre-pandemic revenue-$592 million in gaming revenue, up 16% from the same time last year-and Salim expects the property to generate 75% of pre-pandemic revenue in 2022. Thanks to strong demand from local gamblers and cost cutting measures, Resorts World Sentosa is in a positive net cash position and maintains a positive EBITDA of $290 million through the first nine months of 2021. and the U.S., as well as palm oil plantations and oil and gas operations.ĭespite the troubles at the cruise line, and a battering from the pandemic, Genting’s casino empire is on its way out of rough waters.Įrlin Salim, a Singapore-based analyst who covers Genting’s properties in Malaysia and Singapore for Fitch Ratings, says Genting Singapore, which operates the resort casino Resorts World Sentosa, “managed the downturn quite well.”

Genting and its subsidiaries own casinos in Egypt, Malaysia, Singapore, the U.K. The share price in Genting Berhad, which Kim owns a 44% stake in, dropped 15% since June and 8.5% last month alone.īut Lim still presides over the Genting Group, a complex organization his father started in the late 1960s. His $250 million stake in Genting Hong Kong is now worth zero as it goes through bankruptcy proceedings.

In April 2021, Lim was worth $2.7 billion, making him Malaysia’s 11th richest person.

One of Malaysia’s richest men, Lim Kok Thay, has seen his fortune drop 30% since last year.

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