{"id":36824,"date":"2016-06-21T16:30:52","date_gmt":"2016-06-21T23:30:52","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=36824"},"modified":"2016-06-21T16:30:52","modified_gmt":"2016-06-21T23:30:52","slug":"singapore-casino-sector-begins-recovery-say-analysts","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/singapore-casino-sector-begins-recovery-say-analysts\/","title":{"rendered":"Singapore Casino Sector Begins Recovery, Say Analysts"},"content":{"rendered":"
\"Singapore
Resorts World, Sentosa, in Singapore, which has been diversifying its attractions and focusing on the mass market, spurring recovery. (Image: michaelgraves.com)<\/figcaption><\/figure>\n

<\/b><\/i>It\u2019s not just Macau\u2019s casino industry that has been hit hard by Beijing\u2019s anti-corruption drive. Asia\u2019s second-biggest casino gambling destination, Singapore, has been feeling the pinch too.<\/p>\n

In 2014, when Macau\u2019s economic downturn began to take root, it was speculated that Singapore might be the main benefactor, as VIP gamblers from the Chinese mainland would cross the South China Sea for their high stakes fix, rather than risk potential trouble in Macau<\/a>.<\/p>\n

But spooked by the muscle-flexing in Beijing, the high-rollers simply lay low and stayed at home instead and the hoped-for South East Asia gambling boom failed to materialize. Meanwhile, China\u2019s subsequent economic slowdown hurt Singapore\u2019s market even more painfully.<\/p>\n

In 2015 net profit at Genting-owned Resorts World, Singapore\u2019s biggest, grandest casino, tumbled 70 percent over the previous year, to S$193 million ($143.7 million), its lowest ever. LVS\u2019 Marina Bay Sands meanwhile, fell 10 percent, year on year.<\/p>\n

Bottoming Out\u00a0<\/b><\/h2>\n

But according to Tushar Mohata, an analyst at Nomura, who spoke to the Financial Times this week, the Singapore casino sector is bottoming out, and for two reasons. First, it\u2019s given up on the Chinese high-rollers, pivoting, instead, towards mass market customers closer to home; and second, it has enhanced its non-gaming amenities.<\/p>\n

\u201cGenting is doing quite well in non-gaming revenue,\u201d said Mohata. \u201cMarina Bay Sands hasn\u2019t added any capacity since its hotel opened, but last year Genting opened a new hotel in Jurong; it\u2019s a little further away from Sentosa, but the average room rate is lower and it appeals to the budget-conscious traveler.\u201d\u00a0<\/strong><\/p><\/blockquote>\n

\u201c[Genting] have been redeploying [staff] who used to work in the VIP business, to the mass-market segment,\u201d added Jessalynn Chen, an analyst at CIMB Chen.\u00a0\u201cThey\u2019re also trying to bring in new customers with promotions such as bringing in Michelin-starred chefs.\u201d<\/p>\n

Ho\u2019s Suspect \u201cBusiness Decision\u201d<\/b><\/h2>\n

Things may be looking healthier in Singapore, but there are still headwinds, according to the Financial Times. Regional currencies have weakened recently against the Singapore dollar, which makes it more expensive to visit the city-state, while casino expansion in Vietnam and South Korea is providing increased competition.<\/p>\n

Meanwhile, back in Macau, the gambling hub has been doing a certain amount of pivoting towards non-gaming attractions itself. And when Lawrence Ho and James Packer<\/a> launched their $2 billion movie-themed Studio City Macau, the lack of VIP tables and junket operations raised eyebrows. Ho called it a \u201cbusiness decision\u201d as the casino was focusing on the mass market, which emphasized just how much Macau had changed in the space of two years.<\/p>\n

Or did it? It seems that Ho\u2019s \u201cbusiness decision\u201d was little more than spin, according to Alvin Chau<\/b>, of the\u00a0SunCity Group<\/b>, which is Macau\u2019s biggest junket operator. Chau told\u00a0Inside Asian Gaming\u00a0this week that the lack of VIP tables was more an issue of bureaucratic red tape, and that Studio City\u2019s VIP operations are likely to be up and running next year.<\/p>\n

Studio City has yet to comment on the claims.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s not just Macau\u2019s casino industry that has been hit hard by Beijing\u2019s anti-corruption drive. Asia\u2019s second-biggest casino gambling destination, Singapore, has been feeling the pinch too. In 2014, when Macau\u2019s economic downturn began to take root, it was speculated that Singapore might be the main benefactor, as VIP gamblers from the Chinese mainland would […]<\/p>\n","protected":false},"author":42,"featured_media":36825,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"\nSingapore Casino Sector Begins Recovery, Say Analysts<\/title>\n<meta name=\"description\" content=\"Singapore casinos are focusing on the mass market and non-gaming amenities, which is driving economic recovery\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore Casino Sector Begins Recovery, Say Analysts\" \/>\n<meta property=\"og:description\" content=\"Singapore casinos are focusing on the mass market and non-gaming amenities, which is driving economic recovery\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/singapore-casino-sector-begins-recovery-say-analysts\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2016-06-21T23:30:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/BNK-01-17.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/singapore-casino-sector-begins-recovery-say-analysts\/\",\"url\":\"https:\/\/www.casino.org\/news\/singapore-casino-sector-begins-recovery-say-analysts\/\",\"name\":\"Singapore Casino Sector Begins Recovery, Say Analysts\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/singapore-casino-sector-begins-recovery-say-analysts\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/singapore-casino-sector-begins-recovery-say-analysts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/BNK-01-17.jpg\",\"datePublished\":\"2016-06-21T23:30:52+00:00\",\"dateModified\":\"2016-06-21T23:30:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Singapore casinos are focusing on the mass market and non-gaming amenities, which is driving economic recovery\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/singapore-casino-sector-begins-recovery-say-analysts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/singapore-casino-sector-begins-recovery-say-analysts\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/singapore-casino-sector-begins-recovery-say-analysts\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/BNK-01-17.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/06\/BNK-01-17.jpg\",\"width\":820,\"height\":500,\"caption\":\"Resorts World, Sentosa, in Singapore, which has been diversifying its attractions and focusing on the mass market, spurring recovery. 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