Genting's RWS launches promotions with eye on falling tourism numbers
Vivienne Tay
Singapore
GENTING Singapore-operated Resorts World Sentosa (RWS) has launched several deals to attract visitors amid expectations of tourism numbers falling due to the novel coronavirus.
Minister for Communications and Information S Iswaran said on Wednesday in a Bloomberg interview that Singapore is "bracing for a hard hit" to tourism, perhaps more than initially expected.
Last month, the Singapore Tourism Board forecast that tourist arrivals and spending could fall 25 per cent to 30 per cent this year due to the Covid-19 outbreak.
In response to queries from The Business Times, the integrated resort said it is running several promotions for the month of March - from March 14 to 22 for Adventure Cove Waterpark, and to March 31 for Universal Studios Singapore and SEA Aquarium.
For every purchase of an adult one-day ticket to Universal Studios Singapore, SEA Aquarium or Adventure Cove Waterpark, it will throw in free all-day parking and a S$10 RWS dining voucher - worth S$38 in total.
RWS is also running a Mastercard promotion, giving away a six-month unlimited entry season pass with the purchase of a one-day adult ticket. Usually a season pass costs S$108, while a one-day ticket costs S$81.
RWS is also running a Mastercard promotion which gives purchasers a six-month unlimited entry season pass with the purchase of a one-day adult ticket. The deal allows purchasers to save 25 per cent on season passes - which usually cost S$108 - by buying a one-day ticket for S$81. (see amendment note)
DBS Group Research had on Feb 17 added Genting to its equity picks, adopting the "contrarian view" that the virus situation is temporary. Although the near-term outlook is challenging, the research house is expecting a meaningful recovery in the second half of 2020.
DBS continues to like Genting for its attractive valuation relative to regional gaming peers, strong medium- to long-term growth prospects underpinned by RWS's expansion, and potential entry into Japan. Its forward dividend yield of 4.6 per cent is supported by its robust operating cash flows and balance sheet, the report added.
Genting Singapore shares closed at S$0.73 on Wednesday, down S$0.01 or 1.4 per cent.
Amendment note: The previous version of the story incorrectly wrote there was a standalone 25 per cent discount on season passes. We are sorry for the error.
