Genting leads Singapore’s gaming market with 60% share of overall revenue

Resorts World Sentosa maintains an edge with Universal Studios as a crowd puller.

DBS says RWS will benefit from the proposed Johor-Singapore rapid transit link by 2018 and potential bullet train to Kuala Lumpur.

Here’s more from DBS:

Resorts World Sentosa is currently the market leader with 60% overall Gross Gaming Revenue share (VIP: 68%; mass: 51%). RWS should continue to maintain an edge over MBS given its Asian appeal, especially with crowd-puller Universal Studios, Genting Group’s 40-years experience in ASEAN with its extensive customer database and proven bus program, and GENS’ strong balance sheet and free cashflows.

Opportunity to accumulate on weakness. GENS’ share price has retreated by 29% YTD given expectation of relatively weaker 2Q11 results (lower q-o-q and y-o-y with no Chinese New Year & monopoly impact, less favourable luck factor). We remain positive on GENS’ longer-term prospects given Asia’s low gaming penetration rate, robust economy & rising discretionary income, and potential approval of junkets may come later rather than sooner due to recent change in Singapore Casino Regulatory Authority head, but the positive impact on VIP volume has yet to be factored into our & consensus earnings. Maiden dividend payout will likely be in 2013 post-completion of Western Zone.

Potential beneficiary of warming Malaysia-Singapore ties. Malaysia is one of Singapore Integrated Resorts’ biggest markets, with >100 shuttle buses running daily from Johor. The proposed Johor-Singapore rapid transit link by 2018 and potential bullet train to KL will make travelling even more seamless. As the Singapore government tries to curb local casino patronage, IRs will likely target foreigners with Malaysia being a low hanging fruit. RWS will have an upper hand in attracting Malaysian visitors given parent Genting’s 40-year operating history in its home turf. We see huge cross-selling opportunities among RWS, GENM’s Malaysian casino operations, and GENP’s
premium outlets in Kulai.

Photo from chooyutshing

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