Analysts in the region confirmed the rise was in no small part down to the enclave’s mass-market sector performing well and helping to offset a drop in VIP revenue in recent months. The Las Vegas Review-Journal also quote Cameron McKnight, from Wells Fargo Securities, as stating that economic data from China shows the economic environment has stabilized and is starting to help the market reach a safer footing.
Singapore saw its growth estimates slashed for 2013 as investment bank Deutsche Bank cut the percentage growth in half from 6 percent to 3 percent. Reuters report that Deutsche Bank expects the total market size to be S$7.4billion ($6.1bn) for the entire year with the reliance on foreign players and VIPs suggested as the blame. They do, however, expect VIP growth to be kick-started in the second half of next year after regional economic forecasts suggest the region’s economies will rise once more.
Genting Singapore, meanwhile, saw a “hold” rating attached to its shares with Deutsche giving them a target price of S$1.27 with the operator’s stock dropping off by 2 percent in Monday’s trading. The gambling destination may now take a backseat as other destinations, such as the Philippines, begin to surpass them and usurp their second-place in the world casino standings.