1. "Ex-tour guide remanded while High Court makes decision on bail order - AsiaOne Nov 10, 2014"
This just got more and more interesting! First, bail was set at S$150k when he was investigated for falsification of S$450k of invoices. Now upon appeal by the DPP, the High Court was asked to intervened! Is he a flight risk? That's the key question the Court has to decide.
2. "Singapore casinos brace for battle as VIP volumes fall - Reuters Nov 10, 2014
Singapore's two glitzy casinos are fighting for a shrinking pool of high rolling players as China's corruption crackdown and economic slowdown reduce the number of VIPs at their tables, and the battle is starting to turn ugly.
Gaming mogul Sheldon Adelson, whose Las Vegas Sands (LVS.N) runs the Marina Bay Sands resort, has accused rival Genting Singapore's (GENS.SI) Resorts World Sentosa of relying on overly generous incentives and credit to entice big money players. "Maybe one day, they will get used to competing on the basis of a quality product, if they ever build one, and they won't have to buy the business," he said during his company's earnings call last month.
A Genting spokeswoman declined to comment on questions sent by Reuters, citing the company's quarterly results due on Tuesday, but President Tan Hee Teck had acknowledged the headwinds facing Singapore's casinos during its last earnings call in August. "I suppose some operators may not want to admit it, but at least from our side, we believe that the situation will continue to be quite challenging at least for the next 6 to 12 months," Tan said."
"Growth in Singapore gaming revenue has stalled, and is likely to contract slightly in 2014 with macroeconomic and political factors in China being the principal cause," Fitch Ratings wrote in a note on Oct. 31. While the two casinos have been pushing to earn more money from non-gambling activities such as conference facilities, hotels and shopping, gaming still makes up around 80 per cent of both their revenues. Both casinos boast profit margins of about 50 per cent, the world's highest in the industry."
Is the honeymoon OVER?
Lessons for me are:
1. IRs and especially the Gaming or Gambling Casinos are really revenue and profit generators for Singapore economy and the operators themselves for sure since they opened for business. There is NO DENYING it. It was HOT. Super HOT actually!;
2. nevertheless, the laws of nature will take its course. What's go up MUST come down! Expecting never ending growth is simply no natural and hence, not realistic. Of course, creative and innovative marketing and customer-experience initiatives WILL create growth that seems impossible every now and then. Sometimes the BIG ENVIRONMENTAL factors can turn so negative and against all the best efforts to create growth that they OVERWHELMED any other efforts. The current downturns in the gaming industry in Singapore can be attributed to the uncontrollable factors of China's slowing economy and the relentless clampdown on corruptions!;
3. with the 2 casinos doing SO WELL in the last few years, many REGIONAL countries are ALSO starting to adopt the same strategies. Some of them have naturally endowed factors besides man-made wonders and attractions that Singapore had created. That will provide a LOT MORE competitions to Singapore. So, is it time to start strategizing about: BEYOND the Casinos? This does not mean the Casinos' businesses will just go away and die. It does means the GROWTH will be flat or slight down IF the gamblers have MORE places to go play and enjoy themselves!
Where can the surplus 'trained' manpower be deployed? what are the next medium value jobs creating industries we can nurture or buy into? what will happen if we ARE INDEED in a no growth economy? Will adjusting our expectations and living the reduced expectations be a TOTAL DISASTER or a timely and positive change?
Can we live with LESS QUANTITY but with MORE QUALITY at a LOWER PRICE/COST?
Let's THINK about this ...
This just got more and more interesting! First, bail was set at S$150k when he was investigated for falsification of S$450k of invoices. Now upon appeal by the DPP, the High Court was asked to intervened! Is he a flight risk? That's the key question the Court has to decide.
2. "Singapore casinos brace for battle as VIP volumes fall - Reuters Nov 10, 2014
Singapore's two glitzy casinos are fighting for a shrinking pool of high rolling players as China's corruption crackdown and economic slowdown reduce the number of VIPs at their tables, and the battle is starting to turn ugly.
Gaming mogul Sheldon Adelson, whose Las Vegas Sands (LVS.N) runs the Marina Bay Sands resort, has accused rival Genting Singapore's (GENS.SI) Resorts World Sentosa of relying on overly generous incentives and credit to entice big money players. "Maybe one day, they will get used to competing on the basis of a quality product, if they ever build one, and they won't have to buy the business," he said during his company's earnings call last month.
A Genting spokeswoman declined to comment on questions sent by Reuters, citing the company's quarterly results due on Tuesday, but President Tan Hee Teck had acknowledged the headwinds facing Singapore's casinos during its last earnings call in August. "I suppose some operators may not want to admit it, but at least from our side, we believe that the situation will continue to be quite challenging at least for the next 6 to 12 months," Tan said."
"Growth in Singapore gaming revenue has stalled, and is likely to contract slightly in 2014 with macroeconomic and political factors in China being the principal cause," Fitch Ratings wrote in a note on Oct. 31. While the two casinos have been pushing to earn more money from non-gambling activities such as conference facilities, hotels and shopping, gaming still makes up around 80 per cent of both their revenues. Both casinos boast profit margins of about 50 per cent, the world's highest in the industry."
Is the honeymoon OVER?
Lessons for me are:
1. IRs and especially the Gaming or Gambling Casinos are really revenue and profit generators for Singapore economy and the operators themselves for sure since they opened for business. There is NO DENYING it. It was HOT. Super HOT actually!;
2. nevertheless, the laws of nature will take its course. What's go up MUST come down! Expecting never ending growth is simply no natural and hence, not realistic. Of course, creative and innovative marketing and customer-experience initiatives WILL create growth that seems impossible every now and then. Sometimes the BIG ENVIRONMENTAL factors can turn so negative and against all the best efforts to create growth that they OVERWHELMED any other efforts. The current downturns in the gaming industry in Singapore can be attributed to the uncontrollable factors of China's slowing economy and the relentless clampdown on corruptions!;
3. with the 2 casinos doing SO WELL in the last few years, many REGIONAL countries are ALSO starting to adopt the same strategies. Some of them have naturally endowed factors besides man-made wonders and attractions that Singapore had created. That will provide a LOT MORE competitions to Singapore. So, is it time to start strategizing about: BEYOND the Casinos? This does not mean the Casinos' businesses will just go away and die. It does means the GROWTH will be flat or slight down IF the gamblers have MORE places to go play and enjoy themselves!
Where can the surplus 'trained' manpower be deployed? what are the next medium value jobs creating industries we can nurture or buy into? what will happen if we ARE INDEED in a no growth economy? Will adjusting our expectations and living the reduced expectations be a TOTAL DISASTER or a timely and positive change?
Can we live with LESS QUANTITY but with MORE QUALITY at a LOWER PRICE/COST?
Let's THINK about this ...
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