Singapore's gaming revenue predicted to grow at single-digits

Not a very lucky year for casinos.

According to Nomura, after a year of strong GGR growth in 2011, Singapore GGR declined moderately in 2012 to roughly S$ 7bn, with the seasonally weak 3Q12 showing one of the weakest quarterly GGRs since inception of the two IRs.

As per management guidance, Singapore GGR is now expected to stabilise and grow at single-digits, with Marina Bay Sands (MBS) having a slight edge over RWS in terms of market share.

Here's more from Nomura:

One of the reasons for the volatile GGR is large underlying fluctuations in win rates for the VIP segment.

We think that volatile win rates will continue to remain a factor in Singaporean casinos in comparison to their Macau counterparts, given the Singapore casinos are still relatively new and coming off a lower base.

Fitting the historical win rates to a normal distribution demonstrates that Singapore's casinos have a lot higher standard deviation on their win rates in comparison to the typical Macau casino.

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