Marina Bay Sands' mass market segment still struggling for growth

But GGR was up 12% to US$774m.

According to CIMB, it was business as usual at Marina Bay Sands (MBS) in 2Q13. Total GGR came in at US$774m, up 12% yoy mainly because of last year’s low base. The underlying trend of the business shows that Singapore’s integrated resorts are struggling to show growth.

The VIP market continues to be very narrow, driven by credit and high betting limits.

Here's more from CIMB:

The mass market business continues to struggle for growth as yields have been maximised and there is limited scope for capacity
expansion.

GENS will report its 2Q13 on 6 Aug. We are expecting S$308m adjusted EBITDA (+1.8% yoy) and S$156m net profit (+12.8% yoy). We are assuming that GENS pulled back on VIP credit following the cautious outlook by management in 1Q13.

However, if it maintained VIP liquidity, GENS is likely to beat our 2Q13 estimate.

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