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Even on a luck-adjusted basis, results missed expectations.  Less optimistic on VIP market than last Q.


  • Korea:  Jeju opportunity will meet IRR goal.  Has good database of customers.
    • Will start construction in 3Q 2014
    • According to Jeju law, have to invest US$300MM, then can apply for gaming license.  Some risk involved but it should be just a formality.
      • Genting Singapore did not get gaming license until one week before they opened
    • May invest more $$$ once they have more clarity on Korean market; possibly 1-2 more deals
    • Jeju capex:  will not provide that # at this time; need govt approval  
    • Why 5% stake in LIDL?  Business gesture.
    • CRA does have oversight over all GENT investments
    • Will have real estate in the Jeju project 
  • Japan:  believe 1st gaming bill may be passed some time in June 2014.  There will be a 2nd gaming bill.
    • Does not see any construction until 2017
    • Tokyo/Osaka being talked about
  • Adjusted EBITDA hold impact:  $60-70MM
  • VIP win rate:  2.5%
  • GGR share:  50%
  • VIP RC share:  53%
  • Mass volume share:  43%
  • Slot volume share:  44%
  • VIP revenue as a % of net revenue:  36%
  • VIP revenue as a % of gross revenue:  57%
  • Mass table hold is about 22%. 
  • Trade receivable impairment going up:  because RC volume went up
  • Combined mass market in Singapore:  flat growth; regional currency has depreciated vs S'pore $ - affecting casino and non-gaming.  
  • 4Q higher cost structure:  more prudent in provisions impacted margins; everything else has been consistent with past Q.  Cost structure different from MBS - payroll costs higher, operating expenses also different
  • May see some growth in the mass market in 2014
  • 'Cautiously optimistic' on the VIP market - many uncertain things going on in China
  • RMB will be appreciating against S'pore $.  RMB won't have any effect on VIP business. However, all Southeastern currencies have depreciated against S'pore $ - mostly affect very low end and very high end segments.  
  • 20,000 daily visitors (11,700 are to USS, rest from aquarium), average spend for USS: $83, average spend for aquarium is $30;  
  • VIP volume will not be impacted by currency; cautiously optimistic on volume