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Genting Singapore’s numbers came in-line with our expectations.  While the official consensus number hasn’t changed since early October, whisper EBITDA was close to the reported S$300MM.  We don’t have a call on the stock right here, but thought it may be helpful to provide a little more detail on the quarter given the opaque nature of the company’s reporting.

3Q12 Detail

  • Gross gaming revenue of S$797MM on net gaming revenue of S$528MM
    • Rebates, GST & mass marketing points of S$269MM; equal to 33.7% of GGR  (slightly down from the 33.8% in 2Q12 but up from 31.8% in 3Q11)
    • Gross VIP revenue of S$363MM and net VIP revenue of S$190MM
      • Just to clarify, when the Company says that Net RC revenues are 28% of Net Casino revenue, they are not just referring to the rebate on VIP but ALL discounts offered on gaming play (ie, Rebates, Mass points, GST, comps, MVP’s and other).
      • 45.5% of GGR
      • RC turnover:  S$13BN (just under) down 20% YoY and 2% QoQ
      • Hold rate:  2.8%
      • Rebate:  1.33% or S$172MM, down from 1.36% last quarter but up from 1.32% last year
  • Mass win of S$285MM down 9% YoY and up 1% QoQ
    • Drop of S$1.24BN and hold of 22.9%
  • Slot & ETG win S$150MM
    • Handle down 4% QoQ to S$2.95BN and 1% YoY
  • Expenses:
    • Gaming tax:  S$78.5MM
    • Estimated fixed costs:  S$198MM, down from S$217MM in 2Q12