By Jo-Ann Huang | Posted: 25 June 2010 1914 hrs
Visitors wait to enter Singapore's first casino at the Resorts World Sentosa complex.
SINGAPORE : Casino operators are looking to cash in on the pent-up demand for casino entertainment in Asia.
Analysts said the two casinos in Singapore could rake in US$2.5 billion in gross gaming revenue by 2011.
But they cautioned that falling real estate prices in China may harm regional confidence and threaten the gaming industry.
The gaming industry will be betting on the rising affluence of the people in Southeast Asia.
"Our estimate is that Marina Bay Sands, because of the customer profile, its position geographically in Singapore and its size and breadth of the facility, they are going to capture 60 per cent of the market," said Jonathan Galaviz, managing partner of Galaviz & Co.
Meanwhile, Resorts World Sentosa will also get a roll of the dice by capturing the leisure and family segments.
It is expected to pocket a 40 per cent share of the market.
What surprised analysts though was that Singaporeans made up a significant portion of visitors to the casino so far, despite a S$100 entrance fee levied on citizens and Permanent Residents each time they visit the casino.
Punters also have the option to pay S$2,000 for an annual pass for unlimited number of entries.
"However, we must note that both integrated resorts have yet to be fully opened. When those resorts open 100 per cent, the tourism attraction factor will be greater and there will probably be greater balance to the customer profile for both integrated resorts," said Galaviz.
Analysts expect Singapore complement other gaming markets like Macau and Malaysia.
The rosy outlook aside, observers warned that the casino gaming market in Singapore and Macau could be dealt a bad hand if real estate prices nosedived in China.
They said that could substantially damage consumer confidence in Asia, hurting the gaming and tourism industries.
"That could substantially damage consumer confidence all around Asia. One of the first casualties would be the casino gaming industry and the tourism sector." said Galaviz.
Earlier, Chinese authorities have implemented a slew of measures to curb runaway property prices. - CNA /ls
Visitors wait to enter Singapore's first casino at the Resorts World Sentosa complex.
SINGAPORE : Casino operators are looking to cash in on the pent-up demand for casino entertainment in Asia.
Analysts said the two casinos in Singapore could rake in US$2.5 billion in gross gaming revenue by 2011.
But they cautioned that falling real estate prices in China may harm regional confidence and threaten the gaming industry.
The gaming industry will be betting on the rising affluence of the people in Southeast Asia.
"Our estimate is that Marina Bay Sands, because of the customer profile, its position geographically in Singapore and its size and breadth of the facility, they are going to capture 60 per cent of the market," said Jonathan Galaviz, managing partner of Galaviz & Co.
Meanwhile, Resorts World Sentosa will also get a roll of the dice by capturing the leisure and family segments.
It is expected to pocket a 40 per cent share of the market.
What surprised analysts though was that Singaporeans made up a significant portion of visitors to the casino so far, despite a S$100 entrance fee levied on citizens and Permanent Residents each time they visit the casino.
Punters also have the option to pay S$2,000 for an annual pass for unlimited number of entries.
"However, we must note that both integrated resorts have yet to be fully opened. When those resorts open 100 per cent, the tourism attraction factor will be greater and there will probably be greater balance to the customer profile for both integrated resorts," said Galaviz.
Analysts expect Singapore complement other gaming markets like Macau and Malaysia.
The rosy outlook aside, observers warned that the casino gaming market in Singapore and Macau could be dealt a bad hand if real estate prices nosedived in China.
They said that could substantially damage consumer confidence in Asia, hurting the gaming and tourism industries.
"That could substantially damage consumer confidence all around Asia. One of the first casualties would be the casino gaming industry and the tourism sector." said Galaviz.
Earlier, Chinese authorities have implemented a slew of measures to curb runaway property prices. - CNA /ls
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