Inside Asian Gaming

INSIDE ASIAN GAMING | Oct 2007 28 Malaysia mass-market segment Malaysia VIP market segment $555 Amount wagered $19 Casino opex + mgmt & licensing fee $56 Casino EBITDA $75 Casino $25 Gaming tax $100 Gross revenue (table win) Mass market theoretic hold 18% 18% of Rolling Chip $3,700 VIP Rolling Chip Junket commissions $44 1.2% of Rolling Chip $22 Other opex + mgmt $9 Casino EBITDA $75 Casino $25 Gaming tax 2.7% of Rolling Chip $100 Gross revenue (table win) Baccarat theoretic win 2.7% & licensing fee Source: Deutsche Bank Source: Deutsche Bank Macau mass-market segment Macau VIP market segment $555 Amount wagered $25 Casino opex $35 Casino EBITDA $60 Casino $40 Gaming tax $100 Gross revenue (table win) Mass market theoretic hold 18% $3,700 VIP Rolling Chip Junket commissions $37 1.0% of Rolling Chip $5 Other opex $18 Casino EBITDA $15 Bad debt + junket profit 0.6% of Rolling Chip $22 Sub-agent commissions $60 Casino $40 Gaming tax 2.7% of Rolling Chip $100 Gross revenue (table win) Baccarat theoretic win 2.7% & customer rebate Source: Deutsche Bank Source: Deutsche Bank Singapore VIP market segment $555 Amount wagered $15 Other opex $64 Casino EBITDA $79 Casino $21 Gaming tax & GST $100 Gross revenue (table win) Mass market theoretic hold 18% 18% of Rolling Chip $3,700 VIP Rolling Chip Junket commissions $48 1.3% of Rolling Chip $19 Other opex $21 Casino EBITDA $88 Casino $12 Gaming tax & GST 2.7% of Rolling Chip $100 Gross revenue (table win) Baccarat theoretic win 2.7% Source: Deutsche Bank Source: Deutsche Bank Singapore mass-market segment Analyst Extract