SgLinks.com

13 Nov '12, 4pm

"Singapore Casinos Lose Luster as Profits Slide."

Genting Singapore Plc (GENS) and Las Vegas Sands Corp. reported the lowest gaming revenue in at least 18 months at their Singapore casinos, signaling slower economic growth and tighter rules are restricting spending by gamblers. “We have been waiting for the novelty factor of Singapore’s casinos to finally wear off, and that time may have finally come,” said Jonathan Galaviz , managing director of Galaviz & Co., a Las Vegas-based tourism industry analyst. “Gaming revenues are sometimes a leading indicator of overall macroeconomic activity in a region. This may be a sign of things to come economically for Southeast Asia.” The decline in revenue from gaming coincides with a slowdown in the island-state’s economy, which the government forecasts will expand as little as 1.5 percent this year, from 4.9 percent last year. Efforts to lure gamblers with discounts and giveaways inc...

Full article: http://www.bloomberg.com/news/2012-11-13/singapore-casino...

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