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