SINGAPORE STILL BLEEDING

A victim of its early success: most metrics down YoY 

Singapore’s gaming metrics continue to decline in Q3 as gross gaming revenues fell to the lowest level since 2Q 2010.  For comparison, Macau hit a new quarterly record in 3Q.  Q3 hold in Singapore was 2.27%, the lowest quarterly hold rate ever and way below Singapore’s historical hold rate of 2.99%.  Hold in 3Q 2011 was 2.90%.  If we use 3% to normalize VIP revenues in 3Q 2012 and 3Q 2011, GGR would have been S$1.77BN, which is down 14% YoY and 3% QoQ. 

3Q gross gaming revenues fell 23% YoY and 9% QoQ to S$1.57 billion.  Not since MBS’s grand opening has revenues been this low.  RWS GGR share rose 1.6% QoQ to 50.8%.

RWS gained 3% points in net gaming revenue share to 47.3%.  This is the 2^nd consecutive quarterly gain for RWS.

Total property EBITDA experienced its 2nd consecutive YoY and QoQ decline to S$629 million, falling 29% YoY and 14% QoQ.  RWS’s EBITDA share jumped 5.6% points to 48.3%.

For the 4th consecutive quarter, RC turnover declined YoY.  RC turnover was S$27.6BN, down 25% YoY and 1% QoQ.  RWS’s RC share was 46.6%, down 0.8% points QoQ, marking the 3^rd consecutive quarter of declines.

Mass revenue was flat QoQ as hold reached a new high of 23.52%.  Market shares were basically unchanged. 

Mass drop fell QoQ (6%) for the 1^st time.  RWS gained 1.4% points in share to 46.8%.

Slot win slipped 4% QoQ and slot win per slot per day reached a record low of S$718.  RWS gained 1.1% QoQ in slot win share.