Singapore’s two integrated resorts have stepped up precautionary measures to limit the spread of the coronavirus, whilst rolling out promotions to draw more local visitors. According to local media, the two IRs have employed thermal scanners to scan all visitors entering the property – as well as twice-a-day temperature checks for staff. The company has […]
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.
A Chinese dealer who stole $77,000 in casino chips from Resorts World Sentosa in Singapore has been jailed for nine months and six weeks, 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.
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 […]
Singapore raked in $2.7 billion ($1.99 billion) in betting taxes in the 2017/2018 financial year, unchanged from the year earlier.
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’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, […]
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 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 […]
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 […]
Chinese visitors can now use Alipay at over 110 locations within Singapore’s Resorts World Sentosa, the operator said in a statement on Monday. Resorts World Sentosa said it entered into a strategic collaboration with Ant Financial Services Group, which allows Chinese visitors to pay online. Currently, Chinese visitors can already make online bookings for hotels […]
A group of three men and three women have been arrested for cheating in the Marina Bay Sands and Resorts World Sentosa casinos in Singapore, local media reports. The six, ranging from 33 and 41 years of age were suspected of cheating using electronic devices while betting at the machines. The police were first alerted […]
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, 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 […]
Resorts World Sentosa, owned by Malaysian gaming giant Genting, has come under fire on social media for an advert the company posted on its Facebook site promoting captive dolphins as an attraction at its marine life park. The Facebook ad, which promotes dolphin encounters from S$68 ($50) and a competition to name a dolphin calf […]
At press conference held on Tuesday May 12, 2015 in Macau, the All Asia Dealers Championship (AADC), taking place concurrently with G2E Asia 2015 and hosted by Asia Gaming Brief and Reed Exhibitions, announced the details of the competition. In all, fourteen teams, totaling over 50 Dealers, from Macau and across Asia have already confirmed […]
Singapore won’t open its casino market to new entrants when the current duopoly expires in 2017, local media cited Senior Minister of State for Trade and Industry Lee Yi Shyan as saying. The government will instead focus on working with the two Integrated Resorts (IRs) to ensure their attractions and services continue to meet the […]
More than 670,000 people have signed a petition to pressure Resorts World Sentosa to release the remaining 23 Indo-Pacific bottlenose dolphins that it acquired in 2010. In an interview with ABC radio, Louis Ng, founder animal rights group ACRES said his organization has seen renewed support for the freedom of the dolphins after four […]
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 […]
Visitor numbers to Singapore dropped 3.1 percent to 15.1 million last year, the steepest decline since the global financial crisis. The biggest drop in overall arrivals came from Indonesia, the biggest market last year, which fell 2 percent to 3 million as the rupiah depreciated. The number of travellers from China fell 24 percent to […]
South Korea is planning a tourism project at Incheon Airport to emulate Resorts World Sentosa in Singapore, with the aim of attracting more Chinese players. The project will feature a casino, shopping mall and hotels and may cost $4.6 billion to $5.5 billion, Lim Byung Kee, an official at Incheon International Airport Corp., told Bloomberg. […]
Singapore gamblers spend close to $8 billion a year on horse racing, pools and other games, outstripping the combined earnings of the city state’s two casinos. Punters spent $7.89 on games run by Singapore Pools and Singapore Turf Club during the financial year ending March last year, while the combined gross gaming revenue for the […]
Singapore’s regulatory authority has imposed a fine on Las Vegas Sands’ Marina Bay Sands property and censored Genting Singapore’s Resorts World Genting for breaches of regulations relating to locals gambling. The Casino Regulatory Authority fined Marina Bay Sands $65,000 ($48,000) and issued two letters of censure to Resorts World Sentosa. The breaches had been reported […]
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.
Singapore’s two integrated resorts will cast a longer reflection on the island state but new shadows cloud the horizon across the southern shoreline.
Singapore tourism arrivals are up just over 7 percent in the year to July, but a closer look at the detailed breakdown provided for Q1 shows that for the second consecutive quarter, visitors spent more on gaming, sightseeing and entertainment than in its glitzy shopping malls.
Asia’s ever-growing number of IRs are seeking to add non-gaming attractions to diversify their tourism base and provide a unique draw, but the jury is out as to whether combining casinos with theme parks can provide a winning combination.
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.
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.
Integrated resorts have become a buzzword in the gaming industry, with investors and governments around Asia looking to the model as they prepare plans for new markets and properties. However, as gambling revenue in Asia's biggest resorts declines is the IR model the right formula for success?
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.