Revenue decline is seen in the mass market segment.
Casino operator Genting Singapore recorded a slump in gaming revenues for the past quarter, down 4% YoY to $434.4m
According to UOB KayHian, the group's VIP segment remains soft, with rolling chip volume dropping 24%.
But compared to the previous month, Genting Singapore performed better, with VIP segment revenue inching 5% higher due to the better luck factor. Meanwhile, win rate was around 2.95% in the said quarter.
The same scenario was seen in the mass market segment, with revenues dropping 9% YoY. On a quarterly basis, mass market's revenue jumped 9%.
"However, we note that the first quarter of the year usually sees higher mass market volume than the fourth quarter," UOB KayHian said.
All in all, total gross gaming revenue share of the group stood at 38%, down from last year's 40%.
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