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Singapore – Maybank spune că prăbușirea junket-ului din Macao va face ca jucătorii de masă premium din Singapore să fie vizați

Maybank IB Research believes the collapse of the junket sector in Macau could have a detrimental affect on the two casinos in Singapore who will be subjected to increased competition for premium mass players with casinos in the Philippines and Cambodia also affected.

Maybank Analyst Samuel Yin Shao Yang said: “We fear that the IRs in Macau, Philippines and Cambodia will target the premium mass gamblers that frequently gamble in Singapore. These IRs will have to fill the large gap left by the formerly junkets driven VIP market. As it is, the Macanese IRs are already duking it out to attract Chinese premium mass gamblers and will target Southeast Asian premium mass gamblers who frequent Singaporean IRs when borders reopen. We have heard the same from the Philippine and Cambodian IRs.”

“The gaming tax [Singapore’s casinos are facing increases of 15 to 18 per cent] and GST rate hikes will work against RWS (and MBS),” Yin said. “IRs in the Philippines and Cambodia which have a similar, if not lower, tax regime can offer higher rebate rates to Southeast Asian premium mass gamblers who frequent Singaporean IRs to attract them.

“IRs in Macau may not be able to do the same due to their much higher tax regime. Yet, we gather that they can offer superior accommodation. We gather that the most intense competition will come from Cambodia’s NagaWorld due to its low tax regime and familiarity to Southeast Asian, mainly Malaysian, premium mass gamblers. Even before the COVID-19 pandemic struck, Genting Singapore did mention that competition for premium mass gamblers from Cambodia, ostensibly NagaWorld, is intense.”

He added: “We do not believe that the IRs in Macau, Philippines and Cambodia will target the VIPs that frequently gamble in Singapore successfully. Essentially, we expect Genting Singapore earnings to remain uninspiring for another year, making it three years of pedestrian earnings,”