Inside Asian Gaming

IAG JAN 2023年1月 亞博匯 28 showing strength, aided by headwinds in some competing jurisdictions. “On the VIP market, we understand that many Southeast Asian VIPs have not returned to Macau (due to its still-closed borders) and Australia (due to casinos in Sydney and Melbourne being reprimanded, fined and monitored more closely by regulators),” Yin wrote. “On the mass market, we understand that it is being buoyed not only by more tourists but also Singaporeans remaining in Singapore to gamble. In the near term, we expect regional VIPs to continue gambling primarily in Singapore and locals to remain in Singapore to gamble.” Like its local rival, RWS rebounded strongly in the September 2022 quarter, with gaming revenue up 96% year- on-year and 59% quarter-on- quarter to SG$382.0 million (US$273 million) and Adjusted EBITDA rising 143% year-on- year and 73% quarter-on- quarter to SG$249.4 million (US$178 million). Analysts had been waiting to see if the impressive rebound MBS enjoyed in Q3 would be mirrored at Sentosa, and once it was, they were quick to adjust their earnings estimates upwards – confident in the fact that revenues are going to keep on rising. COVER STORY