Singaporean casinos expected to make close to us$ 7 billion next year

Some analysts and industry players have said that they expect Singapore's gaming revenue this year to surpass the forecast for Las Vegas. However, following a turnaround in the Las Vegas gaming market, the numbers for these two markets could be too close to call this year.

Citi's report noted that MBS and RWS are already estimated to have racked up us$ 4.4 billion in gaming revenues over the first three quarters of this year - prompting it to revise upwards its revenue forecast for this year from us$ 5.9 billion to us$ 6.1 billion.

Other analysts have forecast Las Vegas' gaming revenue this year to hit us$ 6.2 billion. According to Citi's report, Macau will remain the world's biggest gaming market next year with a projected us$ 40 billion in gaming revenues.

In Singapore, MBS is expected to "continue to outperform Resorts World Sentosa, leading to over 50 % market share in 2012", the report added.  According to Citi, hotel occupancy at MBS reached 98.1 % this year with average daily room rates up 11 % quarter-on-quarter in Q3 this year.

It noted that RWS' share of VIP segment volume slid to 44 per cent in Q3 this year, from about 52 per cent in the previous quarter. RWS' us$ 623.3 million net revenue in Q3 was also slightly lower than Citi's estimate. Nevertheless, the report expects gaming revenue from high rollers to improve next year for RWS, which is owned by Genting Singapore.

It added: "While we expect the gaming revenue growth in Singapore to trail that in Macau, Genting Singapore should benefit from an improved VIP product in early next year when its 22 new Villas are scheduled to open (the Equarius Hotel will open by year end, with remaining resort facilities completed by the middle of next year)."