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VIP volume growth was huge as we expected and outlook positive, but luck was just average.    

"With RWS fully opened, Genting Singapore continued to look for opportunities to grow the Company.  As we gradually build up capacity in the Marine Life Park, our EBITDA margins will continue to be constrained for the first half of 2013. As major capital expenditure for Singapore IR tails off in the second half of 2013 and the attractions business more settled, RWS will achieve a more steady-state profit margin. The global economic outlook appears more positive this year and we are cautiously optimistic of the performance of RWS. The Group continues to actively pursue ventures within our core expertise in the gaming, hospitality and leisure/entertainment sectors that will provide medium term growth and long term value to our shareholders."

-Genting release


  • November: new Jurong Hotel (500 rooms, will open 2H 2015)
  • Marine Life Park: since opening, it has surpassed 600,000 visitor mark;  
  • GGR: +25% QoQ; suggesting close to S$1BN
  • VIP RC: hit highest level since Q1 2011 


  • 4Q VIP Hold rate: 3% vs. 3.82% last year
  • VIP outlook: much more optimsitc than 4-5 months ago
  • China: new leadership; more settled environment
  • Non-gaming business doing very well; encouraged by MLP visitation #s
  • VIP mix:  a lot of new players; 
  • Trade receivables:  aging has been the same but provision has been increased; nothing out of the ordinary (mostly on the older receivables)
  • Mass win rate: 24%; win % has been creeping up due to change in table mix
  • Mass revenues QoQ and YoY: up low single digit
  • Chinese customers overwhelming the casino
  • Did not see a significant increase in rebates/commissions 
  • VIP/Mass breakout:
    • net gaming revenue: 42%/58%
    • gross gaming revenue: 56%/44%;  (51%/49% (for FY 2012))
  • Marine Life Park (MLP): has priced admission fee low in the first few months to drive interest; current capacity is only 2,000 people at one time; at the end of 2013, they will raise prices and increase capacity. 
  • The docking area for MLP still has not opened but they hope to open it in the next few months
  • EBITDA margin will stabilize in the 2nd half of 2013
  • Korea will not open up to local gaming; probably won't see anything happen in the next 2 years
  • Japan: optimistic on legalization; a bill will probably reach the Diet in Fall 2013
  • Mass:  Small decline in local business
  • There will be more low cost carriers from Southeast Asia to Singapore
  • Why not hike dividend?
    • Still looking at couple of new/existing projects--probably will not need cash (if Japan opens) until 2 years down the road
  • VIP (12-18 month basis):  trend is good
  • Other EBITDA of S$13MM:  investments
  • Non-gaming EBITDA growth:  slower growth than the non-gaming revenue growth due to MLP
  • Jurong hotel: should not cost more than S$150MM
  • Receivables comfort zone: S$1.1-1.2 billion 
  • Villas are well-received by gaming customers
  • International Marketing Agents (IMA) haven't been doing much business: only 2% of rolling volume.  


  • RWS Adjusted EBITDA S$356.1MM and revenue of  S$791.4MM
  • Comparing to the fourth quarter of 2011, the business volume in the premium players segment improved significantly by 56%. However, this was offset by weaker win percentage in the premium players business.
  • Non-gaming revenue continues to show healthy growth of 19%
    • Hotel business: occupancy of 91% and ADR of S$447
    • The daily average visitation to Universal Studios Singapore (“USS”) increased to 11,100 visitors with average spending of S$86. 
    • The much anticipated Marine Life Park (“MLP”) opened in November 2012, drawing an average daily visitation rate of 7,100 within a short period of 40 days. 
  • Adjusted EBITDA was affected by higher impairment loss on trade receivable and higher operating costs incurred for the opening of MLP.
  • On 23 November 2012, Tamerton Pte Ltd, a wholly-owned subsidiary of Genting Singapore was awarded a hotel site at Jurong Town Hall Road, Singapore. The hotel will help to provide over 500 rooms that will contribute significantly to non-gaming revenue, and more importantly provide a source of ready visitors to the attractions and gaming facilities at RWS. Set to open in 2015, it will be the first hotel to open in the Jurong Lake precinct
  • The Casino Regulatory Authority of Singapore has approved our application for the renewal of our casino licence agreement for another three years commencing 6 February 2013
  • During the financial year ended 31 December 2012, the Group invested in a portfolio of quoted securities, unquoted equity investment and compounded financial instruments amounting to a net total of S$973.4 million. 
  • FY2012 Capex: S$503.6MM
  • Introduced a tax extempt dividend of 1 cent per share, subject to shareholder approval at the next Annual General Meeting of the Company