Resorts World Sentosa is losing out to Marina Bay Sands

The casino remains down on its luck.

When Marina Bay Sands reported a sharp increase in its rolling chip volume for the third quarter, analysts were hopeful that the same good fortune will also arise for its rival Resorts World Sentosa. However, these hopes were immediately dashed when Genting Singapore, the operator of RWS, reported distinctly disappointing Q3 results last week.

A report by CIMB highlighted that RWS’ rolling chip volume fell 20% quarter-on-quarter and 50% year-on-year to $9 billion in Q3. In contrast, MBS reported its best rolling chip volume in six quarters, after volumes jumped 20% quarter-on-quarter and 36% year-on-year.

CIMB noted that the plunge in RWS’ rolling chip volume has dragged its market share to a record low of just around 40%, a far cry from 48% in the second quarter.

Even its mass-market segment trailed behind MBS, with RWS’ mass gross gambling revenue market share slipping to 40% in Q3 as MBS continues to have a competitive advantage in terms of location.

“RWS’s VIP gaming segment remains challenging, while its strategy of shifting focus from VIP to mass has not yielded results, as its market share continues to erode despite the opening of GHJ. We advise investors to remain on the sidelines until we see clearer signs of earnings trough,” CIMB warned.

In its earnings statement, Genting explained that the company was at a disadvantage because it had no presence in other VIP gaming markets.

“We are acutely cognizant of today’s business environment. With the continued uncertainty of China’s economic strength and environment, and its effect on the regional ASEAN economy, we continue to be cautious with our VIP premium business. Without the benefit of a collaborative partnership in another gaming jurisdiction with a high volume VIP premium business, we are disadvantaged in our marketing efforts,” Genting said.

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