Both were up in Q4 but Singapore VIP volume surged while Macau grew only modestly. Prior to Q4, the correlation was much higher.
- Singapore 4Q VIP rolling chip (RC) volume soared 50% YoY while in Macau, 4Q VIP volume only gained 5% YoY.
- Correlation between Singapore RC volume and Macau RC volume prior to Q4 was 0.86
- Low hold usually drives higher volumes since people keep playing when they win. Singapore held very low in Q4 while Macau was close to normal. Singapore's a relatively new market so VIP business should grow faster than that in Macau.
- Genting today was upbeat regarding VIP volume growth while Macau's VIP volume growth thus far in 2013 has been subdued
- It remains to be seen if Singapore is taking VIP share from Macau.