Singapore casinos fear intense competition for revenue against Philippines and South Korea

Singapore casinos' novelty is 'wearing off'.

According to OCBC, competition for Asian gaming revenue will increase with the opening of casinos in places such as the Philippines and South Korea. In the Philippines, Phase I of a new resort and gaming complex, Solaire Manila, located in Manila’s New Entertainment City Development Zone Entertainment, is expected to open in 1Q13.

Here's more from OCBC:

Solaire Manila will have a focus on the VIP segment. Further down the line, in 2016, an integrated resort with a foreigner-only casino is expected to open in the vicinity of Incheon Airport, South Korea.

The Philippines and South Korea are closer to China than Singapore and they will likely increase their share of Chinese visitors’ spend, with South Korea targeting more of the northern China market.

We think that Singapore can grow its gaming revenue from Indonesian and Malaysian visitors. The IRs will now have to market their casinos more in overseas markets. As Mr. Lim Kok Thay, the Executive Chairman of Genting Singapore, puts it, the Singapore casinos’ novelty is “wearing off”.