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
