Readers Commentary – Singapore Casinos

Posted: June 15, 2011 in Uncategorized

Editor:   We put together some interesting comments & feedback from our readers, of their views on casinos in Singapore.

15 June 2011

Reader #1 – I read about this Marina Sands brought up the issue of “illegal money” been transacted into the casino account and this Adelson (owner of Sands) had stopped that. I also heard that he wasn’t happy with Resorts World’s “pseudo junkets” practice. So he used this “story” to alert the authority about his opponent. Smart move.

– Ah Beng

Reader #2 – Is it TRUE that Resorts World Sentosa is doing better than Marina Bay Sands OR just that RWS is pushing out more credits to churn high rollers turnover?

– Sands supporter

Reader #3 – My analyst friend is getting uneasy about the “real size” of Singapore casino market. He says that the mass market volume has not increased, instead the volume was mainly “pumped” up by VIP gaming portion. He expects the two IR casinos Ebitda margins will slide…

– Investor

(from editor: The market seems to agree on this scenario. The next few quarters revenue reports by the 2 IRs will serve as indicator).

Reader #4 – Why the CRA hasn’t act on the junket licensing after the casinos opened for more than a year? One reason is that the probity checks on junkets background take time. Or they really have no clue of how the junkets network operates? Especially those coming from China, Hong Kong and Macau. These are the “syndicated big boys” in that, they allow funds (money) to flow through their platforms/channels without being checked by relevant authorities. The Chinese government had mentioned that every year, at least RMB600b (yuan) been passed through illegal “underground banking channel” into the region’s casinos.

– Steven Chong

Reader #5 – RWS stock price seems to slide. What happens? I thought casinos sure to make tons of money?

 

 

 

 

 

 

– Unhappy Investor

(from editor: It’s the case of overly optimistic projected expectations by analysts. Now the market saw what’s coming.)

Reader #6 – Learned that locals participation rate in casinos here is coming down. Good news for the nation. Also, less Malaysians taking the casino buses go into RWS casinos, they used the service to visit friends in Singapore and shopping elsewhere. Looks like the mass market fever could not sustain.

– Good Citizen

Reader #7 – Is it TRUE that the IRs provided locals with 50,000 jobs? People whom I talked to don’t seem to believe that number. It was observed that lots of jobs go to Malaysians in the casinos. May be a system to show the different nationality employed in the IRs. Such as different colour name-tags, local (red), Malaysian (blue) and Others (yellow)?

– Benson Koh

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Comments
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