SINGAPORE (Jul 6): Genting Singapore, which runs the integrated resort and casino Resorts World Sentosa (RWS), is headed for a slow recovery after shutting for two months in a “wash-out year”, according to analysts from UOB Kay Hian. The company has been downgraded to “hold” with an unchanged target price of 80 cents. 

“We gauge that 2020 will be a wash-out year as 1H2020 earnings will take a heavy toll from plunging hotel occupancy rates and gaming revenues before the lockdowns, and zero revenue during the temporary closures in the lockdown periods.”

“A slow recovery is expected with impediments on international travel into Singapore and reduced gaming capacity,” noted the July 2 report by analysts Vincent Khoo and Jack Goh. 

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