Trefis Charts: Las Vegas Sands’ Singapore VIP vs Mass-Market Gaming Growth

The chart below compares Las Vegas Sands’ (NYSE: LVS) Singapore VIP, mass-market and slot gaming growth. Las Vegas Sands opened its casino resort — Marina Bay Sands — in Singapore in 2010. The Singapore property is the largest cash flow generator for Las Vegas Sands. It is evident from the chart below that Singapore’s VIP gaming has suffered more in the past few years while mass gaming has performed better. This can be attributed to the government’s crackdown on corruption in Macau, which has impacted the VIP gaming in Singapore as well. It should be noted that the recent performance in Singapore has also been impacted by the currency issues. For instance, mass gaming win per day for Las Vegas Sands was actually up 6% in 2015 on a constant currency basis. Singapore’s economy is expected to grow in low-single-digits over the next few years and we expect Las Vegas Sands to see some stability in its gaming operations in the region while currency issues can continue to impact the bottom line in the near term.

Notes:

1) The purpose of these analyses is to help readers focus on a few important things. We hope such lean communication sparks thinking, and encourages readers to comment and ask questions on the comment section, or email content@trefis.com

2) Figures mentioned are approximate values to help our readers remember the key concepts more intuitively.

References:

1) Analysts cut 2016 growth forecast for Singapore economy to 1.9%: MAS survey, Channel News Asia, Mar 16, 2016

2) Las Vegas Sands (LVS) Earnings Report: Q4 2015 Conference Call Transcript, The Street, Jan 28, 2016

For precise figures, please refer to our complete analysis for Las Vegas Sands

See More at Trefis | View Interactive Institutional Research (Powered by Trefis) Get Trefis Technology