Bernstein analyses Singapore’s market

Brokerage Sanford C. Bernstein Ltd has released a special report addressing Singapore’s casino market.

Singapore.- Brokerage Sanford C. Bernstein Ltd has shared a comprehensive report analysing Singapore’s gaming market. The company “revising upward by 18 percent its full-year 2017 market-wide estimates for Singapore casino VIP gross gaming revenue (GGR).”

According to the report, 2017 VIP revenue for Marina Bay Sands, the gaming resort controlled by Las Vegas Sands Corp, and Resorts World Sentosa, controlled by Genting Singapore Plc, will be nearly SGD2.35 billion (US$1.73 billion), compared to its previous estimate of just under SGD2.00 billion.

“Genting’s market share relative to Marina Bay Sands will be difficult to improve materially,” wrote analysts Vitaly Umansky, Zhen Gong and Cathy Huang. “The Singapore market generally has a more volatile win rate than the Macau market, due to fewer VIP players and larger average bet size,” they stated.

“Marina Bay Sands has a better location in the centre of Singapore, greater MICE exposure and in our view, a superior management team,” added the Sanford Bernstein team, referring to meetings, incentives, conferences and exhibitions (MICE) business.

“We expect the approximately 38 percent (Genting), approximately 62 percent (Sands) GGR market share split to retain [remain] if not to shift in favour of Marina Bay Sands (especially in the mass market),” added the institution, referring to VIP and mass combined.