Singapore's gaming revenue predicted to edge up to $7.31b by end-2013

Has the industry finally matured?

According to UOB Kayhian, MBS’ results affirm our view that Singapore’s gaming market has matured and remained sluggish. Las Vegas Sands’ 2Q13 report card revealed that Marina Bay Sands (MBS) delivered only a 7.5% yoy growth in adjusted property EBITDA as gaming volumes remained sluggish.

Here's more from UOB Kayhian:

MBS’ results revealed a steep qoq fall in rolling chip volume (RCV) and flattish mass-market gross gaming revenue (GGR), which reinforce our assessment that the Singapore gaming industry has matured and is unlikely to grow beyond mid-single-digit annually in the foreseeable future unless the government starts to license large junket operators in Macau and Southeast Asia.

Overall, we continue to expect the industry’s GGR to grow by low- to mid-single digit annually, with 2013 GGR at around S$7.31b.

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