Genting SP/Gaming: RBS note that SG on track to overtake Vegas as 2nd largest gaming center. House forecasts gaming rev is set to rise by 25% to $6.4b, placing vs the Las Vegas Strip, which is forecast to earn $6.2b. Analysts note that the voracious appetite for gambling among Asians and their growing wealth will drive momentum in SG's casino sector for yrs to come. This is a stark contrast from the Vegas Strip, which has seen a slump in rev for 4 consecutive mths….
Add that blazing performance of the MBS and RWS is also due to the patronage of local Singaporeans, who made up about 60% of the casino customers last yr, despite a $100 levy. CLSA believe that junkets will eventually get licensed given the very significant business opportunity and estimate SG gaming rev of $8.1b next yr.
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