{"id":1486,"date":"2016-07-28T14:30:16","date_gmt":"2016-07-28T14:30:16","guid":{"rendered":"http:\/\/www.top10casinowebsites.net\/?p=1486"},"modified":"2016-07-28T14:30:16","modified_gmt":"2016-07-28T14:30:16","slug":"analysts-slash-revenue-expectations-for-gentings-resorts-world-sentosa","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/analysts-slash-revenue-expectations-for-gentings-resorts-world-sentosa\/","title":{"rendered":"Analysts Slash Revenue Expectations for Genting\u2019s Resorts World Sentosa"},"content":{"rendered":"

\"Resorts<\/a>Analysts from brokerage firm Union Gaming have lowered their second quarter estimates<\/a> for Genting Singapore based on market trends indicated by the recent results of rival Las Vegas Sands\u2019 Marina Bay Sands (MBS) casino resort. Genting Singapore operates Resorts World Sentosa, an integrated casino resort<\/a> launched in 2010 and has a casino floor of over 1,50,000 sq. ft.<\/p>\n

In its latest results, Las Vegas Sands reported that revenues from its VIP segment in MBS had declined significantly with the highest softness seen in the market\u2019s high end segment. Revenue was US$710.1 million, a decline of 0.4 percent while EBITDA dropped to $357 million, a decline of 1.7 percent. The VIP turnover dropped by 29 percent in MBS although VIP wins went up by 0.7 percent.<\/p>\n

Analysts at Union Gaming<\/a> said that this was the first decline seen by MBS on a year-on-year basis in mass market table gaming revenue. In a statement, Grant Govertsen Union Gaming analyst said:<\/p>\n

\u201cWe have adjusted our gaming expectations for RWS downward to reflect similar trends as MBS. Our VIP volume expectations go to -30 percent year-on-year (from -26 percent) and our mass \/ slots volume goes to -7 percent year-on-year (from +2 percent).\u201d<\/p><\/blockquote>\n

Commenting on their second quarter results, Las Vegas Sands said the gaming market in Singapore was softer in the second quarter and also indicated a decline of 10 percent in mass market volume. Union Gaming said that given the fact that MBS usually outperforms Resorts World Sentosa, the trend of softness in the mass market that have impacted MBS would also affect RWS as well.<\/p>\n

Union Gaming has revised RWS\u2019 property-level EBITDA estimate to S$199 million (US$146.4 million), a drop of 7 percent over its previous estimate. It has also revised the full year EBITDA estimates for 2016 to S$842 million and for 2017 to $962 million.<\/p>\n

Resorts World Sentosa which employs around 12,000 people had to terminate close to 400 employees in early June. Most of the employees laid off were form the gaming floor and consisted of croupiers, pit managers and supervisors. Genting Singapore\u2019s first quarter results were below analysts\u2019 expectations, with profit dropping by as much as 83 percent as its VIP segment saw a sharp decline in revenues.<\/p>\n

Total revenue dropped by 5 percent to S$608 million while gaming revenue fell by 9 percent. Net profit fell to S$10.8 million from S$62.7 million on year-on-year basis while adjusted EBITDA declined to S$192.5 million, a drop of 16 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Analysts from brokerage firm Union Gaming have lowered their second quarter estimates for Genting Singapore based on market trends indicated by the recent results of rival Las Vegas Sands\u2019 Marina Bay Sands (MBS) casino resort. Genting Singapore operates Resorts World Sentosa, an integrated casino resort launched in 2010 and has a casino floor of over […]<\/p>\n","protected":false},"author":2,"featured_media":1487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"yoast_head":"\nAnalysts Slash Revenue Expectations for Genting\u2019s Resorts World Sentosa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.top10casinowebsites.net\/news\/analysts-slash-revenue-expectations-for-gentings-resorts-world-sentosa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analysts Slash Revenue Expectations for Genting\u2019s Resorts World Sentosa\" \/>\n<meta property=\"og:description\" content=\"Analysts from brokerage firm Union Gaming have lowered their second quarter estimates for Genting Singapore based on market trends indicated by the recent results of rival Las Vegas Sands\u2019 Marina Bay Sands (MBS) casino resort. 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