Genting Singapore Plc was incorporated in 1984 in the Isle of Man. Genting Singapore was converted into a public limited company on 20 March 1987 and listed on the Main Board of the Singapore Exchange Securities Trading Limited on 12 December 2005.For over 30 years, Genting Singapore and its subsidiaries have been at the forefront of gaming and integrated resort development in Australia, the Bahamas, Malaysia, the Philippines, Singapore and the United Kingdom. Genting Singapore is most well known for Resorts World Sentosa in Singapore, which is one of the largest fully integrated destination resorts in South East Asia. The company is currently developing an integrated resort in Jeju, South Korea,called Resorts World Jeju which is slated to open progressively from 2017.Genting Singapore is ranked among Singapore’s largest public-listed companies. Genting Singapore is a constituent stock of the FTSE Straits Times Index.
Genting Singapore posted a decline in Q3 profit and revenue amidst what it described as a “confluence of events.”
Fines paid by Singapore’s two casino operators amounted to $$745,000 ($540,000) in the 2018 financial year, with the lion’s share extracted from Genting Singapore’s Resorts World Sentosa.
Genting Singapore said it will issue yen-denominated bonds in Japan, even as it continues to maintain public silence about its IR campaign in the country.
Genting Singapore’s Q2 net profit fell by 5 percent, missing analysts’ expectations, dragged down by a poor performance in the mass market and higher bad debt levels.
Genting Singapore has announced the promotion of Nanami Kasasaki to chief corporate officer, effective from May 31, a move which may represent the greater priority the firm is putting on gaining an IR license in Japan.
Genting Singapore Q1 results topped expectations, mainly helped by a higher luck factor, though analysts say they are cautious about near-term prospects.
Marina Bay Sands and Genting Singapore will pay fair market value for the land they have been allocated as part of a S$9 billion ($6.65 billion) expansion of their properties in Singapore, local media reports.
Singaporean citizens and permanent residents have paid about S$1.3 billion in casino entry fees since the island state’s two IRs opened in 2010, local media reports.
Genting Singapore’s S$4.5 billion plan to expand its non-gaming attractions will only have a modest impact on its leverage and earnings and therefore its credit rating remains unchanged, Fitch Ratings said in a report.
The Singapore government is seen as the main winner in the agreement to allow a $9 billion expansion of the island’s two integrated resorts, gaining more tax and higher money from entry fees, according to analysts. Morgan Stanley downgraded Genting Singapore to equal weight after the announcement, saying that the company will suffer near-term pain, […]
The announcement that Genting’s Resorts World Sentosa expansion will include the creation of a Super Nintendo World brings into focus the fact that this theme park will likely have an indirect link to the expected Osaka Yumeshima IR as well. It was in May 2015 that Nintendo announced its partnership with Universal Parks & Resorts, […]
Singapore has allowed the first major expansion of its integrated resort industry since its two IRs began operating, involving S$9 billion ($6.65 billion) new investment in non-gaming amenities, but casino entry fees and taxes will also rise. In a statement on Wednesday, the Ministry of Trade and Industry and the Ministry of Finance said the […]
Genting Singapore has made a rare statement about its intentions in Japan in its recently issued Annual Report 2018. Executive Chairman Tan Sri Lim Kok Thay stated, “We are cautiously optimistic about leveraging on our experience in winning the IR bid in Singapore back in 2006 that led to significant tourism growth, in order to […]
The management of Genting Singapore has provided a glimpse of their objectives in Japan by revealing that they are aiming to gain an IR license only in a major urban market such as Osaka or Yokohama, and not in a regional market.
Genting Singapore recorded a 3 percent year-on-year rise in net profit attributable to ordinary shareholders of the company in 18Q2, but saw a six percent slide in revenue on bad luck. Net profit came in at S$177.6 million (US$129.9 million), while revenue reached S$560.3 million. Bernstein analysts said the revenue, net income and EBITDA all […]
Genting Singapore announced on Tuesday that it had incorporated five new Japanese subsidiaries as part of its stealth bid to win one of the three IR licenses that are up for grabs now that the IR Implementation Act has become law.
Fitch Ratings announced this week that it has given Malaysia-listed Genting Bhd a long term foreign issuer default rating (IDR) of ‘A-’, a rating which applies to its subsidiaries including Genting Singapore and Genting Overseas Holdings Ltd. Fitch said the ratings reflect Genting’s monopoly position in gaming in Malaysia and robust market share in Singapore, […]
Genting Singapore posted a 3.3 percent increase in net profit in the first quarter of 2018, reaching S$217.2 million (US$162.3 million), driven mainly by strong volumes in its VIP business. VIP rolling chip volume was up 36 percent year-on-year, reaching S$9.4 billion in the quarter. Analysts said this was helped by a strong CNY period. […]
Genting Singapore is set to change its domicile from Isle of Man to Singapore, and undergo a slight name change following shareholder approval in an EGM held on Tuesday. According to a filing from the operator on Tuesday, the company will be changing its name from Genting Singapore PLC to Genting Singapore Limited. Shareholders also […]
Genting Singapore’s management is “diligently preparing” for an eventual bid for a license in Japan, though acknowledges it will be facing fierce competition for a limited number of permits. The company is optimistic the Implementation Bill covering Japan’s casino regulation will be implemented in this year’s Diet session, paving the way for a formal bid, […]
Steve Wynn’s announcement he is selling some, or all, of the 12 percent stake in the company he founded may open the door for Malaysia’s Genting to enter the Macau market, Bloomberg argues in an analysis. Genting Singapore has S$2.6 billion in net cash and free cash flow of $1.15 billion in 2017, a figure […]
Genting Singapore saw its net profit fall 29 percent in the fourth quarter of 2017, reaching S$134 million (US$101.5 million), according to a recent filing to the Singapore Stock Exchange. Revenue increased 4 percent in the quarter to $580.1 million, underpinned by a stronger performance of the leisure and hospitality segment as a result of […]
A portion of the ceiling board collapsed during renovation works at the Resorts World Sentosa casino in Singapore on Tuesday morning, injuring four construction workers, local media reports. Three of the injured were taken to hospital with head injuries and abrasions, while a fourth was treated at the property. In an email to Channel NewsAsia, […]
Casino operator Genting Singapore reported a 24 percent increase in net profit for the third quarter of 2017, attributed in part to increased gaming revenues. Net profit for the financial period reached S$168.7 million (US$123.7 million), while revenue increased 8 percent to S$629.9 million. EBITDA reached S$276.1 million, an increase of 18 percent, beating estimates. […]
Genting Singapore on Wednesday announced the establishment of a new branch office in Tokyo, Japan. Genting said the new branch will focus on the development and management of leisure and hospitality businesses and the provision of administration and resource support, including research and market studies, investment and promotion, and all business related to the establishment […]
Casino operator Genting Singapore has announced it has dissolved and liquidated its subsidiary in Korea, Claremont Co. Ltd. The subsidiary was first set up in August 2016, focused on the leisure and hospitality related business. It was placed under unit holder’s voluntary dissolution and liquidation in May of this year. According to a filing from […]
Genting Singapore saw its net profit surge to S$172.7 million (US$127.1 million) in the second quarter ended June 30, 2017, attributed to higher revenue and lower cost of sales. Revenue jumped 24 percent in 17Q2 to S$596.1 million, up from S$480.9 million in 16Q2. Genting Singapore said the increase in revenue was attributed to higher […]
Property EBITDA for Genting Singapore in the second quarter of 2017 is forecast to reach S$270 million (US$198.7 million), according to estimates from Morgan Stanley. The result would be a 119 percent year-on-year increase from the second quarter of 2016, and a 6 percent decline quarter-on-quarter. “While Genting Singapore remains cautious on granting credits, we […]
Casino operator Genting Singapore has dissolved two of its wholly-owned subsidiaries, Resorts World Marketing Pte. Ltd. and Medo Investment Pte. Ltd. The company first announced the voluntary liquidation of the two subsidiaries (amongst others) back in October 28, 2016. Resorts World Marketing Pte. Ltd. was mainly involved in sales and marketing services, while Medo Investment […]
Casino operator Genting Singapore posted a 17-fold increase in first quarter net profit, partly due to the sale of its stake of a resort in Jeju, South Korea. Net profit was S$210.2 million for the first three months of 2017, up from S$40.2 million in the prior-year period. Revenue in the first quarter was down […]
Genting Bhd, the Malaysian conglomerate that controls the country’s only casino operator, as well as Genting Singapore and properties in the U.S., Bahamas and the U.K., offers a good value entry point to Association of Southeast Asian Nation gaming markets, CLSA notes. The firm says Genting’s revalued net asset value is at a 24 percent […]
Genting Singapore swung to a net profit of S$159.98 million (US$113.2 million) for the fourth quarter ended Dec. 31, 2016, compared to a net loss of S$7.8 million in the prior year period. Revenue was S$557.7 million, up two percent year-on-year compared to 15Q4. Adjusted EBITDA rose 29 percent to S$233.7 million, slightly beating analyst […]
An integrated resort in Japan could cost up to US$10 billion to develop, says Las Vegas Sands chief Sheldon Adelson. Adelson, who has plans for his company to win operating rights in the country, made the comments during an investor conference in Tokyo, according to a report from Reuters. “It would be at least what […]
Hong Kong-listed Landing International Development has announced it is now the sole owner of the foreigner-only casino project in Jeju, South Korea. In December, the company announced it was planning to take the remaining share of Jeju Shinhwa World project, previously known as Resorts World Jeju after Genting announced its exit from the project. At […]
Bloomberry Resorts Corp. has confirmed it is considering investing in a gaming business in Japan, according to its filing to the Philippine Stock Exchange. “This possible expansion in Japan is part of the Corporation’s ordinary course of business in searching for business opportunities in the Philippines and abroad,” it said. The company told the stock […]
The Lower House of the Diet (House of Representatives) on Tuesday passed the long-awaited bill that would legalize casinos in Japan. According to Japanese media, the bill cleared the Lower House plenary session with the backing of the ruling Liberal Democratic Party and conservative opposition Nippon Ishin no Kai. The legislation is likely to be […]
Japanese lawmakers have reopened the debate on a bill to legalize casinos on Wednesday, with key LDP executives saying the party will try to pass the legislation by December 14, local media reports. According to Japan Times, Liberal Democratic Party Diet affairs chief Wataru Takeshita on Wednesday reportedly told junior coalition partner Komeito that the […]
There will be considerably less reason for optimism over casino legalization in Japan should the push for IRs in the country fail this time, said a note from CLSA on Friday. “It’s now or never,” said the brokerage, noting a verdict will likely be achieved by mid-December. According to analysts Jon Oh and Jay Defibaugh, […]
Casino operator Genting Singapore is selling its Korean resort interests in order to focus on its Singapore business and save resources for potential opportunities in Japan. According to a filing from the company on Friday, Genting Singapore’s subsidiary Algona Pte. Ltd. entered into a conditional sale and purchase agreement with Landing International Development Ltd. to […]
Casino operator Genting Singapore reported net profit almost tripled in the third quarter of 2016, owing to its focus on higher margin business and better operational efficiency. Net profit for the quarter was S$106.8 million, compared with $37.2 million reported in the prior year period, according to a filing on Thursday. Third quarter revenue was […]
The arrests of Crown Resorts staff in China underscores the risk associated with global casino operators’ Chinese VIP business, said Fitch Ratings in a note on Wednesday. “The detainment is a sign to Fitch that high roller gambling by the Chinese nationals outside of China remains top of mind for Chinese authorities,” said the ratings […]
Casino operator Genting Singapore has set up a new subsidiary in South Korea, Claremont Co Ltd, which will focus on leisure and hospitality related businesses, according to a filing on Tuesday. “Claremont’s business objectives will be the provision of support services to leisure and hospitality related businesses, the provision of resource support, and all incidental […]
Casino operator Genting Singapore’s net loss narrowed in the second quarter of 2016, as expenses and finance costs fell. According to its filing to the Singapore Stock Exchange, for the three months ended June 30, 2016, net loss was S$10 million (US$7.8 million) compared to a loss of S$16.9 million in the same period in […]
Union Gaming analysts have lowered their 16Q2 estimates for Genting Singapore after reviewing 16Q2 gaming trends via Las Vegas Sands’ Marina Bay Sands results. “We have adjusted our gaming expectations for RWS downward to reflect similar trends as MBS. Our VIP volume expectations go to -30 percent year-on-year (from -26 percent) and our mass / […]
Fitch Ratings has affirmed Genting Berhad’s Long-Term Foreign-Currency Issuer Default Rating (IDR) and unsecured rating at ‘A-’, according to a press release. The ratings agency has also affirmed IDRs on Genting Singapore at ‘A-’, with both outlook at ‘stable’. “Genting’s ratings reflect its continued strong market position in the Malaysian and Singaporean gaming markets and […]
The newly opened restaurant at Genting’s Resorts World Singapore is just one example of the casino operator’s efforts to attract the mass market, Financial Times reports. While the property has seen flagging VIP revenue following China’s anti-corruption drive and economic slowdown, non-gaming revenues remain healthy, down from S$653 million (US$486.2 million) in 2014 to only […]
Genting Singapore has announced it has increased its stake in Landing Jeju Development Co. with an additional 15 million new ordinary shares. Through the company’s indirect-wholly-owned subsidiary Happy Bay Pte. Ltd., the new shares brings the total subscription amount to KRW 150 billion (US$129.5 million), said Genting in a filing to the Singapore Stock Exchange […]
Bernstein has downgraded Genting Singapore from Outperform to Market Perform as a result of a significant amount of cash held in the company’s balance sheet, according to a note on Monday. The casino operator reportedly has S$5.2 billion (US$3.9 billion) cash in the balance sheet, which was previously in part to prepare for a casino […]
Genting Singapore’s Resorts World Sentosa is cutting close to 400 casino employees as the company continues to face headwinds from falling revenue, local media reports. The Todayonline website says the cuts include 150 croupiers, 200 supervisors and 25 pit managers. They have been let go in recent weeks, either through voluntary retrenchment or termination of […]
Genting Singapore has announced it has dissolved Palomino Sun (UK) Limited, the company’s wholly-owned subsidiary which was engaged in gambling and betting activities. The subsidiary was placed under voluntary liquidation last year. “The voluntary liquidation of PSUK is not expected to have any material impact on the consolidated net tangible assets and earnings per share […]
Despite falling earnings and increasing competition, Genting Singapore remains highly profitable, and a “cash cow”, said executive chairman Lim Kok Thay in an interview with Singapore’s The Business Times. Lim said the company’s bad debts were under control, and the opening of Genting’s integrated resort on Jeju Island next year will boost earnings. Recently, the […]
Casino operator Genting Singapore saw 16Q1 net profit down 83 percent year on year to S$10.8 million (US$7.9 million), due to higher foreign exchange loss, higher bad debt provisions, finance and other costs. According to a filing to the Singapore Stock Exchange, the net profit for the first quarter of 2016 is compared to S$62.7 […]
Las Vegas Sands Corp’s Marina Bay Sands resorts has had its casino license renewed for the next three years, local media reports. The renewal will take effect from Tuesday, April 26. In February, Genting Singapore had its license renewed for three years. Earlier this year, Forbes reported the Las Vegas Sands’ Singapore operation will see […]
Casino operator Genting Singapore has announced that it has dissolved two more subsidiaries this week. The subsidiaries, Blue Shell International Limited and Ocean Star Resources Limited are wholly-owned subsidiaries of Genting Singapore, incorporated in the British Virgin Islands. The filing comes in a week after Genting Singapore announced the dissolution of Genting Star (Macau). According […]
Genting Singapore announced on Friday that its indirect wholly-owned Macau subsidiary, Genting Star (Macau) Limited (GSML) has been dissolved and liquidated. According to an announcement from the casino operator, the liquidation of the Macau subsidiary “is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the […]
Genting Singapore has confirmed a final dividend of SGD0.015 (US$0.01) per share for the year ending Dec. 31, 2015. The exclusion date for the dividend is May 5, 2016, with payment of the dividend, if approved by the shareholders at the upcoming AGM, will be made on May 19. In February, Genting Singapore reported net […]
Genting Singapore has reported a net profit in the fourth quarter at S$22 million (US$15.7 million), down 82 percent from S$118.9 million in the same period in 2014, according to a recent financial statement. Revenue for the quarter came in at S$547.4 million, down 14 percent from S$637.9 million in 2014. Gaming revenue was down […]
At least 30 employees at Resorts World Sentosa (RWS) in Singapore have been let go over the Chinese New Year period, according to local media. Grant Govertsen of Union Gaming said given Genting Singapore is in a period of declining earnings, it would make sense for the casino operator to cut costs wherever possible. “It […]
Genting Singapore PLC has announced that its direct wholly-owned subsidiaries, Calidone Limited and Genting International Services Singapore have incorporated a subsidiary, Genting International Services (Thailand) Limited. GISTL will be principally engaged in marketing and public relations activities and promoting the business to the leisure and hospitality sector, but excluding direct sales to customers. GISTL has […]
Genting Singapore stocks are expected to outperform due to a stabilizing Singapore gaming market, strong cash flow generation and a resumption of sizable share buy back, says a report from Bernstein. Given Genting’s large and diversified product offerings, including VIP, mass, hotels, F&B, retail, MICE, Universal Studios theme park and the Marine Life Park, the […]
Genting Singapore is likely to have a “somewhat better” 2016 after a disappointing 2015 when shares fell 29 percent, says Japan-based brokerage house, Nomura. Nomura is cutting its target price on Genting Singapore to $0.80 from $0.89 and will continue to rate the company’s stock at neutral. However, weakness in Singapore’s tourism market and economic […]
The outlook for the gaming industries in Singapore and Malaysia remains stable despite challenging economic conditions, Fitch Ratings says in a report. The three companies — Genting Bhd, Genting Singapore and Marina Bay Sands, all have robust operating cash flows. The Genting companies maintain a net cash position, while MBS has been deleveraging, it says. […]
Genting Singapore reported weaker-than-anticipated results in 15Q3 as it lost market share to rival Marina Bay Sands. GGR was S$659 million ($464.7 million), representing a year-on-year decline of 19 percent, although an improvement of 2 percent quarter-on-quarter. VIP GGR declined by 29 percent YoY to S$252 million, principally due to low hold in 15Q2. According […]
Bernstein Research says Genting Singapore’s business mix is generating strong cash flow driven by mass and non-gaming and is more diverse than that of the Macau operators. “With its large and diversified product offerings (VIP, Mass, hotels, F&B, retail, MICE, Universal Studios theme park and the Marine Life Park), the company’s business mix is more […]
Analysts have cut their forecasts for Genting Singapore due to weakness in the Singapore and Chinese economies and currency headwinds with the Malaysian Ringgit and Indonesian Rupiah. The depreciation of the two currencies against the Singapore Dollar will negatively impact both VIP and mass market trends for Genting Singapore, Union Gaming and Morgan Stanley said […]
Genting Singapore, which operates Resorts World Sentosa, reported revenue of $578.1 million for 15Q2, a significant year-on-year drop due to the downturn of the gaming industry in Asia, the company said. RWS’s revenue amounted to $577.8 million, a drop of 23 percent year-on-year. “The contraction is a result of the unfavourable global VIP premium […]
Genting Singapore announced that it expects to report a significant decline in net profits after tax for 15Q2. “This is due mainly to fair value loss on derivative financial instruments as a result of unfavourable market conditions and unrealised foreign exchange translation losses,” the company said. The group expects its adjusted earnings before interest, taxes, […]
Morgan Stanley Research expects Genting Singapore to report 15Q2 earnings before interest, tax, depreciation and amortization (EBITDA) of S$235 million ($171.6 million), down 24 percent year on year. In a note, a team of analysts said Marina Bay Sands reported a 9 percent QoQ increase in the mass segment in Singapore dollars terms, even though […]
Genting Singapore could ramp up profits by 45 percent if it were to achieve the same EBITDA market share that it achieved in 2011, but such opportunities are unlikely to materialize, with Singapore’s GGR tipped to decline 4 percent in 2015, Morgan Stanley says. Singapore’s gaming market is structurally better than Macau’s due to less […]
Fitch Ratings has affirmed Malaysia-based gaming conglomerate Genting Berhad’s Long-Term Foreign Currency Issuer Default Rating and senior unsecured rating at ‘A-‘. Fitch has also affirmed the Long-Term Foreign and Local Currency IDRs of Genting Singapore PLC at ‘A-’. The Outlooks for Genting and GENS are Stable. Genting’s ratings reflect its continued strong market position in […]
Genting Singapore announced that its subsidiary, Palomino Sun (UK) Limited, which is engaged in gambling and betting activities, was placed under voluntary liquidation. “The voluntary liquidation of PSUK is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Company for the financial year ending 31 […]
Genting Singapore 15Q1 profit plunged 64 percent as VIP gaming dried up and the mass market remained relatively flat, with the company predicting no end in sight to the problems in the high roller segment. Net profit plunged to S$91.7 million from $257.5 million a year earlier. Earnings per share slumped 72 percent to $0.52 […]
Maybank Kim Eng has downgraded its rating for Genting Singapore from Buy to Hold following the company’s share price rallying 13 percent since March and on the possibility the company lost some of its VIP clients to rival Marina Bay sands. The research company said MBS, whose first quarter EBITDA dipped 5 percent to $415.3 […]
Landing International is seeking to raise $6.44 billion ($831 million) net through a rights issue, in part to fund the next stage in the development of its project on Jeju Island, South Korea. The Hong Kong-listed company is selling 18,696,253,870 shares at $0.35 each, a discount of some 75.8 percent to the closing price prior […]
Morgan Stanley Research analysts have downgraded Genting Singapore’s stock rating to equal-weight after weak Q4 results. With reported adjusted EBITDA of S$190 million ($140.3 million) in the fourth quarter last year, down 24 percent on the same period the year before, and not much short-term potential in Japan and Korea, Praveen Choudhary and Alex Poon […]
Genting Singapore broke ground on Resorts World Jeju, a planned $1.8 billion integrated resort with a six-star hotel and luxury villas in South Korea. The 2.5 million-sq-meter development will house Jeju island’s largest family theme park with more than 20 rides and attractions in seven different zones themed after myths and legends. The company said […]
Landing International said it will hold its delayed ground-breaking ceremony on a planned resort on Jeju Island, South Korea on Feb. 12th. “The board considers that the groundbreaking ceremony is an important milestone in the group’s development and business growth,” the Chinese property developer said in a filing to the Hong Kong Stock Exchange. Jeju, […]
Singapore’s National Council on Problem Gambling will look at the feasibility of allowing group applications for those wishing to exclude themselves from casinos, as well as a possible “opt-in” system, according to media reports. The Minister for Social and Family Development, Chan Chun Sing, made the announcement in parliament following a request for an extension […]
The hike in the casino entrance fee for local Singaporeans is further deterring already declining visitation to the island state’s two integrated resorts by residents, analysts said.
There is a growing trend towards businesses founded on the premise of social capital, though despite their enormous profits, most casino firms have yet to sign on.
As concern mounts about the global environment, many of Asia’s giant IRs are taking significant steps to minimise their impact, investing heavily in green technologies and other waste control initiatives.
Singapore’s two integrated resorts will cast a longer reflection on the island state but new shadows cloud the horizon across the southern shoreline.
Brazil and Japan are two of the most hotly anticipated casino markets, but how do they stack up against one another and which country is the most appealing for international casino operators and investors? The two nations have entwined cultural links, mainly due to mass migration throughout the 20th Century. In fact, Brazil is home to the world’s largest Japanese-descendant population outside Japan. One other thing Brazil and Japan have in common is that they both appear to be on the cusp of introducing legalized casino resorts after years of false starts and delays.
Hong Kong-listed Landing International Development opened its Shinhwa World theme park at the end of September, as IR projects for the honeymoon island forge ahead despite the uncertainty caused by a diplomatic spat with China and tensions with the North. Arrivals from the mainland have slumped and while operators may be confident they can pull in tourists from elsewhere, they may find it harder to fill casinos.
Singapore’s two gaming operators reported an improvement in Q2 results, helped by cost controls, lower bad debts and higher premium play, though analysts see few catalysts for significant expansion of the market. In 2007, Singapore granted Las Vegas Sands and Genting Singapore a license for one resort each, with exclusivity until 2017. Those licenses were renewed in 2016 for a further three years, but the government is not expected to allow any new entrants, therefore keeping a lid on the size of the island-state’s gaming market.
Asia’s gaming markets have seen a strong first half, with Macau, the Philippines and Cambodia leading the way, prompting some analysts to revise upwards their targets for the full year. But it hasn’t all been plain sailing; the fatal attack on Resorts World Manila lead to a suspension of its gambling operations in June, while South Korea continues to underperform after a diplomatic spat with China, which banned tour groups after Seoul agreed to deploy a U.S. missile shield.
Singapore’s two operators are seeking to add more non-gaming attractions to boost growth as income from their casinos continues to drag, with results released this week showing an unexpected drop in mass revenue at Marina Bay Sands. Casino revenue for the quarter fell 1.6 percent to $556.7 million, with adjusted property EBITDA dropping 1.7 percent to $357 million. The property reported a drop of 29 percent in its rolling chip volume, but more unexpected was the almost 11 percent drop in mass market volume year-on-year. Slot handle gained 6 percent.
Genting Singapore, whose 2015 profit plunged by 70 percent to S$193.1 million ($138 million), is expected to suffer more pain ahead as it struggles to reposition the brand and recover from prior lending policies. Singapore’s two casinos have both been at pains to find catalysts for growth, with the highly regulated market offering little room for further expansion. However, Resorts World Sentosa appears to be slipping further behind its rival Marina Bay Sands. We take a look at views for its prospects.
Loyalty programs have been in vogue in the casino industry for around thirty-five years, but are operators in Macau and Singapore getting the most from their offerings?Taking a leaf from grocery stores’ discount cards and the frequent flyer programs of airlines, the basic model of a “slot club” was implemented in 1980s. Then in 1997, Harrah’s (now Caesars) rolled out a loyalty card program called Total Rewards, which tracks customers' gaming activity and gives them rewards to encourage them to spend more money at the slots and tables. Done properly, these programs can be a goldmine, but many operators are not getting their money's worth.
As VIP revenue from China’s high rollers continues to slump, Malaysia’s Genting Group is seeking to carve a niche for itself by targeting the more profitable premium mass segment across its Asian properties.The conglomerate has aggressively embarked on a slew of facelifts or new projects, such as launching new hotels and gaming floors across various properties, in a move to woo the premium mass gambler.