Inside Asian Gaming

INSIDE ASIAN GAMING | June 2013 12 COVER STORY wary of junkets and their reputed links to Chinese organized crime groups, has chosen to keep them out. Singapore’s fastidious Casino Regulatory Authority has so far licensed only three junkets, none of them active in Macau or apparently involved in any of the traditional junket activities beyond marketing to players. Known locally as “international marketing agents,” the three approved groups all work exclusively with RWS, and by most accounts do not bring in much business to the property. Even without junkets, however, mainland Chinese players account for about half the rolling chip volume at both MBS and RWS. Not surprisingly, this has Singapore Market Annual Revenue and Growth Source: Bloomberg and J.P. Morgan estimates 60% VIP revenue (LHS) Mass revenue (LHS) Slot revenues (LHS) Total revenue yoy growth rate (RHS) 50% 40% 30% 20% 10% 0% -10% ($ m) 10,000 8,000 6,000 4,000 2,000 0 2010A 2011A 2012E 2013E 2014E Though VIP revenue constitutes a much smaller proportion of overall gaming revenue in Singapore than in Macau, both MBS and RWS rely on a relatively small number of big whales to drive their high-roller businesses, leading to greater volatility.