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Mass trends in the market remain disconcerting.  Genting outperforms in VIP.

Market trends

  • Thanks to better hold, Singapore gross gaming revenues increased 11% YoY  and 28% QoQ in Q1 2014 to S$2.2 billion.  Adjusting for hold (based on average since inception for both properties) for both periods, GGR fell for the 2nd consecutive quarter, -6% YoY. 
  • Despite Genting's growth, market VIP rolling chip volume shrank 9% YoY to S$39.8 billion in 1Q 2014 - the 2nd consecutive quarterly drop.  It is worth noting that comp were very difficult at S43.8 billion last 1Q
  • Mass revenue dropped another 6% YoY in Q1, the 3rd consecutive quarterly decline 
  • Net non-gaming revenue fell 1% YoY in Q1 the 2nd consecutive quarterly decline 
  • Market hold was 3.15%
  • Market historical hold since inception for both properties was 2.82%

Market shares

  • MBS GGR share is in-line with the 3 year average but below recent trends 
  • On a hold-adjusted basis, MBS lost 4% share to Genting this quarter
  • MBS lost volume share on both the VIP and Mass side with 41% of VIP rolling chip share and an estimated 55% of mass table volume share

* Blue trend lines in the charts below are from MBS's perspective

SINGAPORE Q1 2014: GOOD HOLD FINALLY BUT VOLUMES... - S1

SINGAPORE Q1 2014: GOOD HOLD FINALLY BUT VOLUMES... - S2

SINGAPORE Q1 2014: GOOD HOLD FINALLY BUT VOLUMES... - S3

SINGAPORE Q1 2014: GOOD HOLD FINALLY BUT VOLUMES... - S2.5

SINGAPORE Q1 2014: GOOD HOLD FINALLY BUT VOLUMES... - S4

SINGAPORE Q1 2014: GOOD HOLD FINALLY BUT VOLUMES... - s5