Singapore is due for a down quarter on a year-over-year basis in terms of gross gaming revenue. Gross Lettings (paid and comped room nights) in Singapore were down almost 5% year-over-year quarter-to-date through August. Since gross gaming revenue and gross lettings track each other closely, you can guess that the GGR number will be ugly.
Genting Singapore probably lost volume to Marina Bay Sands (owned by LVS). We think Q3 EBITA for Marina Bay Sands will be flat. Looking at the chart, it doesn't look good for Singapore for September or October if the trend keeps up.
