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3 more weeks to go before the decision by New York commission on the casino license. Could be released sooner than thought since now just left 3 bidders to assess.
Genting Singapore results showing gaming segment is still struggling while non-gaming did really well with Oceanarium, Weave and other events. The Laurus opening in Oct should provide further traction to non-gaming segment. However, revenue improvement from non-gaming is still not enough to cover for the gaps from gaming segment. Seems like there are structural change to the gaming segment - losing market share to MBS?
Absolutely. On both QR3 comparison, RWS obviously losing significant gaming market share to MBS. That’s why their foray into US will be high risks with low returns. It is better to stick to “Jaguh Kampung” (RWG).
MBS's Q3 results is solid, record breaking close to S$1 bil profits and gaming was the main contributor to the revenue. Probably MBS casino has better service and environment.
Best analysis for analysts will be to do physical observations in both RWS & MBS. Will RWS lose further market share to MBS in Q4 2025 ? Even Genting Singapore shares are not trading at Fair Value.
The latest results from Gens showing higher footfall traffic contributing to higher non gaming segment performance but not gaming. The VIPs are probably gaming at MBS instead of GenS :(
with no other bidders to assess, probably the decision would be this Wednesday after the commission meeting. so by Thursday morning, Malaysia time, we would know.
MGM and LVS ditched their plans while RWNYC up the ante to secure it. MGM ditched their US$2.5bil plans as the tenure of the license was 15 years instead of the original 30 years. Gent went all the way to portray the image of backing the bid by "privatizing" GenM.
with the full casino license, conservative calculation on net profit would be around usd500 mil per year. that s y they going full force to secure the license. in the first 5 years, Genting would be the only casino operating until the two competitors completes their development. so conservatively is usd500mil x 5 = 2.5 bil from gaming alone. yet to factor the rooms, fnb, events, etc once the facility is developed fully. now the question is would genting secured the ROI by 10th year?
unlikely. have not seen the ROI for previous US investments yet and the threat from online gaming legislation for new york. Maybe MGM and LVS are wrong not to make huge gamble for NY casino license :)