Genting Singapore's mass market share rises to 40%
The VIP gross gaming revenue has been sustained.
Genting Singapore saw a better mass market share in the past quarter, expanding Q1's 38% to 40%.
According to CIMB, this came as the VIP gross gaming revenue is sustained despite a slight dip in rolling chip volume market share to 34%. The VIP gaming revenue was also upheld by better win rates of 3% and lower discounts and rebates.
"We see the mass market share gain as a testament to management's pursuit of the premium mass segment and think the VIP segment could see sustained GGR as management highlighted it aims to enhance this business," analyst Cezzane See noted.
To recall, Genting Singapore managed to rebound from a $10.5m net loss last year to a $143.m net profit.
This was contributed by a healthy 24% YoY growth in revenue to $596.1m, which resulted from a 33% jump in gaming revenue.