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 S$650 million in 2015.
Resorts World also operates the Universal Studios theme park, an aquarium, hotels and restaurants.
Tushar Mohata, analyst at Nomura said “Genting is doing quite well in non-gaming revenue. Marina Bay Sands hasn’t added any capacity since its hotel opened, but last year Genting opened a new hotel in Jurong — it’s a little further away from Sentosa, but the average room rate is lower and it appeals to the budget-conscious traveller.”
Jessalynn Chen, analyst at CIMB, said that Singapore’s casinos were starting to mirror those of Macau, by shifting away from VIP business to focus on mass-market gamblers.
“They have been redeploying [staff] who used to work in the VIP business, to the mass-market segment,” Chen says. “They’re also trying to bring in new customers with promotions such as bringing in Michelin-starred chefs.”
In 16Q1 Genting Singapore said Universal Studios saw its best first-quarter performance since its opening in 2010.