MarketLineIC SingaporeCasinosGaming 030321

MarketLine Industry Profile
Casinos & Gaming in Singapore

June 2020
Reference Code: 0116-2019
Publication Date: June 2020
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Industry Profiles
1. Executive Summary
1.1. Market value

The Singaporean casinos & gaming sector grew by 0.8% in 2019 to reach a value of $6,733.1 million.
1.2. Market value forecast

In 2024, the Singaporean casinos & gaming sector is forecast to have a value of $4,500.9 million, a decrease of 33.2%
since 2019.
1.3. Category segmentation

Casinos is the largest segment of the casinos & gaming sector in Singapore, accounting for 56.9% of the sector's total
value.
1.4. Geography segmentation

Singapore accounts for 3.3% of the Asia-Pacific casinos & gaming sector value.
1.5. Market rivalry

After 40 years of banning casinos, Singapore opened its first casino in 2010 and a second one later that year. Due to
moderate growth, the degree of rivalry is assessed as moderate.
1.6. Competitive Landscape

The Singaporean casino & gaming sector experienced slow growth in 2019. The sector consists of three leading
players, Las Vegas Sands Corp, Genting Singapore Limited and Singapore Totalisator Board. The main sector players
are based in the US and Singapore, which indicates the well-diversified presence of the sector players. Players are
focused on serving a broad client base and mitigating the risk of operating in a single market by operating a broad
product portfolio. The recent outbreak of coronavirus has led to either the cancellation or postponement of a number
of major sporting events globally, which has disrupted growth in the casinos & gaming sector significantly. Soccer, one
of the most popular sporting events to bet on, has seen a number of competitions postponed. The decrease of
sporting markets will undoubtedly have a negative impact on the sector, however the true extent of the damage
remains uncertain.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................. 2
1.2. Market value forecast ...................................................................................................................2
1.3. Category segmentation ................................................................................................................2
1.4. Geography segmentation .............................................................................................................2
1.5. Market rivalry ................................................................................................................................ 2
1.6. Competitive Landscape ................................................................................................................2
2. Market Overview 7
2.1. Market definition ........................................................................................................................... 7
2.2. Market analysis ............................................................................................................................ 8
3. Market Data 9
3.1. Market value ................................................................................................................................. 9
4. Market Segmentation 10
4.1. Category segmentation ..............................................................................................................10
4.2. Geography segmentation ...........................................................................................................11
5. Market Outlook 12
5.1. Market value forecast .................................................................................................................12
6. Five Forces Analysis 13
6.1. Summary .................................................................................................................................... 13
6.2. Buyer power ............................................................................................................................... 14
6.3. Supplier power ........................................................................................................................... 16
6.4. New entrants .............................................................................................................................. 17
6.5. Threat of substitutes ...................................................................................................................18
6.6. Degree of rivalry ......................................................................................................................... 19
7. Competitive Landscape 20
7.1. Who are the leading players?.....................................................................................................20

Industry Profiles
7.2. What strategies do the leading players follow? ..........................................................................20
8. Company Profiles 22
8.1. Genting Singapore Limited .........................................................................................................22
8.2. Las Vegas Sands Corp ..............................................................................................................25
9. Macroeconomic Indicators 28
9.1. Country data ............................................................................................................................... 28
Appendix 30
Methodology............................................................................................................................................ 30
9.2. Industry associations ..................................................................................................................31
9.3. Related MarketLine research .....................................................................................................31
About MarketLine .................................................................................................................................... 32

Industry Profiles
LIST OF TABLES
Table 1: Singapore casinos & gaming sector value: $ million, 2015–19 9
Table 2: Singapore casinos & gaming sector category segmentation: $ million, 2019 10
Table 3: Singapore casinos & gaming sector geography segmentation: $ million, 2019 11
Table 4: Singapore casinos & gaming sector value forecast: $ million, 2019–24 12
Table 5: Genting Singapore Limited: key facts 22
Table 6: Genting Singapore Limited: Annual Financial Ratios 23
Table 7: Genting Singapore Limited: Key Employees 24
Table 8: Las Vegas Sands Corp: key facts 25
Table 9: Las Vegas Sands Corp: Annual Financial Ratios 26
Table 10: Las Vegas Sands Corp: Key Employees 27
Table 11: Singapore size of population (million), 2015–19 28
Table 12: Singapore gdp (constant 2005 prices, $ billion), 2015–19 28
Table 13: Singapore gdp (current prices, $ billion), 2015–19 28
Table 14: Singapore inflation, 2015–19 28
Table 15: Singapore consumer price index (absolute), 2015–19 29
Table 16: Singapore exchange rate, 2015–19 29

Industry Profiles
LIST OF FIGURES
Figure 1: Singapore casinos & gaming sector value: $ million, 2015–19 9
Figure 2: Singapore casinos & gaming sector category segmentation: % share, by value, 2019 10
Figure 3: Singapore casinos & gaming sector geography segmentation: % share, by value, 2019 11
Figure 4: Singapore casinos & gaming sector value forecast: $ million, 2019–24 12
Figure 5: Forces driving competition in the casinos & gaming sector in Singapore, 2019 13
Figure 6: Drivers of buyer power in the casinos & gaming sector in Singapore, 2019 14
Figure 7: Drivers of supplier power in the casinos & gaming sector in Singapore, 2019 16
Figure 8: Factors influencing the likelihood of new entrants in the casinos & gaming sector in Singapore,
2019 17
Figure 9: Factors influencing the threat of substitutes in the casinos & gaming sector in Singapore, 201918
Figure 10: Drivers of degree of rivalry in the casinos & gaming sector in Singapore, 2019 19

Industry Profiles
2. Market Overview
2.1. Market definition

The casinos and gaming market consists of all forms of betting and gaming. All values are stated in terms of gross
gaming win (GGR). This is the total amount waged by customers minus the total amount paid out to customers as
winnings, but before the payment of any applicable taxes, disbursements to charitable or other causes by games
established for those purposes, or other expenses.
The casinos segment covers all gambling activities carried out within casino establishments, such as card games,
roulette, and slot machines located in casinos; tips and admission fees are included, but additional revenues such as
sales of food, drink, and accommodation are excluded.
The lotteries segment covers all state, private, and charitable lotteries, and includes traditional draws, scratchcard
games, and similar products offered by lottery operators.
The sports betting and related segment covers gambling on the outcome of horse races, football matches, and other
events, and includes gambling services offered by bookmakers and also pari-mutuel/totalisator operators.
The other segment covers bingo, slot machines located outside casinos, pachinko, etc. In North America, so-called
'Indian casinos' are covered in this segment, not the casino segment.
Online casino and gaming activity, with the exception of online purchases of lottery entry, is not included. Recreation-
only slot machines that do not pay out any form of prize are excluded.
The report only includes gaming activities that are legal in the country where they are offered.
All currency conversions were calculated using constant average annual 2019 exchange rates.
Figures presented in this report are calculated applying the "middle path" scenario - this is based on the current
situation in countries where the epidemic burst first, like China as a model countries and the announcements made by
governments, stating that the abnormal situation may last up to six months.
The assumption has been made that after this time the economy will gradually go back to the levels recorded before
the pandemics by the end of the year. It is also assumed that there is no widespread economic crisis as seen back in
2008 due to announced pay-outs across countries.
At the moment of preparation of this report in May 2020 the economic implications of the lock downs of many
economics are still very difficult to predict as there is no indication how long the pandemics could last, the number of
sectors forced to stay closed and the scale of the governmental' aid involved. At the same time the weight of the
pandemic seriousness is applied on the individual countries in this report based on death to population ratio recorded
in countries.
Majority of the industries will see the decline in volume of the goods and services offered by companies. Usually the
lower demand would cause the decrease the prices level. However, amid many governments’ ordered for many
industries to lock down and so the supply chain is distorted that in great pictures mitigate the results of lower
demand.
Applied scenarios differ depending on the individual sector, however generally sectors which involves intensive
manual labor and face to face interaction seem to be hit the most by present situation. On the other hand the internet
based businesses as well as the producers of the vital, subsisted products and services seems to take advantages of
the current events.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.

Industry Profiles
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The Singaporean casinos & gaming sector has experienced volatile growth during the historic period which is excepted
to continue during the forecast period.
The sector has experienced huge disruption from online betting. The online gambling industry continues to go from
strength to strength, and is now a major threat to casinos. Customers are now able to play the same games, and have
the same chances of winning, from the comfort of their own home. This has left traditional casino chains vulnerable to
online specialists such as Bet365. Online operators offer online casino games which reduces footfall into casinos.
Casinos rely on food and drinks sales to generate additional revenue, and lower footfall will reduce this revenue
stream.
The Singaporean casinos & gaming sector had total gross gaming win of $6.7bn in 2019, representing a compound
annual growth rate (CAGR) of 2% between 2015 and 2019. In comparison, the South Korean and New Zealand sectors
grew with CAGRs of 2.2% and 3.7% respectively, over the same period, to reach respective values of $8.2bn and
$9.5bn in 2019.
There is a single state operator for lotteries in Singapore, the Tote Board. It also runs the Singapore pools, one of the
few approved sports betting outlets. There are only two casino resorts in the country, the Marina Bay Sands – owned
by the Las Vegas Sands Corporation – and locally-owned Resorts World Sentosa. In 2019, MBS and Resorts World
Sentosa (RWS) will be allowed to expand their casino operations, with their exclusive rights to run a casino here
extended until the end of 2030. But their gambling revenue will be further taxed by the government. In order to rein
in problem gambling, casino levies on Singapore residents will be increased. The daily levy will go up from $100 to
$150 from April 2019, while the annual levy is being increased from $2,000 to $3,000.
The casinos segment was the sector's most lucrative in 2019, with total gross gaming win of $3.8bn, equivalent to
56.9% of the sector's overall value. The sports betting and related segment contributed gross gaming win of $1.2bn in
2019, equating to 18.4% of the sector's aggregate value.
Casinos were the most profitable segment for the casino & gaming sector in 2019. Many customers also utilize other
services such as accommodation, food & drink, spas, and other leisure activities. Casino consumers enjoy a full-
package service rather than just gaming. On the other hand, sports betting was the second most successful segment
for the sector in 2019. The wide variety of sports that are available to gamble on increases the potential customer
base for sports gambling.
The performance of the sector is forecast to decline, with an anticipated compound annual rate of change (CARC) of -
7.7% for the five-year period 2019 - 2024, which is expected to drive the sector to a value of $4.5bn by the end of
2024. Comparatively, the South Korean and New Zealand sectors will decline with CARCs of -5.2% and -2.6%
respectively, over the same period, to reach respective values of $6.3bn and $8.3bn in 2024.
The recent outbreak of coronavirus has led to the cancellation and postponement of many major sporting events,
which has disrupted growth in the casinos & gaming sector significantly. Soccer, one of the most popular sporting
events to bet on, has seen a number of competitions postponed, including the English Premier League, La Liga, and
the Champions League, all of which are lucrative markets for the casinos & gaming sector. More recently, UEFA
announced that Euro 2020 will now be postponed until 2021, and Tokyo 2020 Olympic games has also been
postponed for at least one year. The decrease of sporting events will have a negative impact on the sector, however
the true extent remains uncertain.

Industry Profiles
3. Market Data
3.1. Market value

The Singaporean casinos & gaming sector grew by 0.8% in 2019 to reach a value of $6,733.1 million.
The compound annual growth rate of the sector in the period 2015–19 was 2%.
Table 1: Singapore casinos & gaming sector value: $ million, 2015–19
Year $ million Si$ million € million % Growth

2015 6,228.2 8,495.6 5,560.4
2016 6,761.0 9,222.4 6,036.1 8.6%
2017 6,843.6 9,335.1 6,109.9 1.2%
2018 6,679.3 9,111.0 5,963.2 (2.4%)
2019 6,733.1 9,184.4 6,011.3 0.8%
CAGR: 2015–19 2.0%
SOURCE: MARKETLINE MARKETLINE
Figure 1: Singapore casinos & gaming sector value: $ million, 2015–19

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Casinos is the largest segment of the casinos & gaming sector in Singapore, accounting for 56.9% of the sector's total
value.
The Sports betting and related segment accounts for a further 18.4% of the sector.
Table 2: Singapore casinos & gaming sector category segmentation: $ million, 2019
Category 2019 %
Casinos 3,833.0 56.9%
Sports Betting And Related 1,239.5 18.4%
Lotteries 451.5 6.7%
Other 1,209.1 18.0%
Total 6,733.1 100%
Figure 2: Singapore casinos & gaming sector category segmentation: % share, by value, 2019

Industry Profiles
4.2. Geography segmentation

Singapore accounts for 3.3% of the Asia-Pacific casinos & gaming sector value.
New Zealand accounts for a further 4.6% of the Asia-Pacific sector.
Table 3: Singapore casinos & gaming sector geography segmentation: $ million, 2019
Geography 2019 %
New Zealand 9,491.7 4.6
South Korea 8,241.9 4.0
Singapore 6,733.1 3.3
Rest Of Asia-pacific 179,957.4 88.0
Total 204,424.1 99.9%
Figure 3: Singapore casinos & gaming sector geography segmentation: % share, by value, 2019

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2024, the Singaporean casinos & gaming sector is forecast to have a value of $4,500.9 million, a decrease of 33.2%
since 2019.
The compound annual rate of change of the sector in the period 2019–24 is predicted to be -7.7%.
Table 4: Singapore casinos & gaming sector value forecast: $ million, 2019–24
Year $ million Si$ million € million % Growth

2019 6,733.1 9,184.4 6,011.3 0.8%
2020 5,359.9 7,311.2 4,785.2 (20.4%)
2021 5,735.4 7,823.4 5,120.5 7.0%
2022 5,334.9 7,277.1 4,762.9 (7.0%)
2023 4,940.1 6,738.6 4,410.5 (7.4%)
2024 4,500.9 6,139.5 4,018.3 (8.9%)
CAGR: 2019–24 (7.7%)
Figure 4: Singapore casinos & gaming sector value forecast: $ million, 2019–24

Industry Profiles
6. Five Forces Analysis

The casinos & gaming market will be analyzed taking operators of casinos, gaming machines, lotteries, and betting
(commercial, state-run and charitable operations) as players. The key buyers will be taken as individual customers,
and companies providing gaming machines, equipment, services, and real estate as the key suppliers.
6.1. Summary
Figure 5: Forces driving competition in the casinos & gaming sector in Singapore, 2019
After 40 years of banning casinos, Singapore opened its first casino in 2010 and a second one later that year. Due to
moderate growth, the degree of rivalry is assessed as moderate.
The popularity of different gambling activities within Singapore means that the number of buyers is large. The wide
variety of potential customers weakens buyer power in this sector considerably. The existence of addictive forms of
gambling behavior indicates that some consumers are not making rational economic decisions and can become
dependent on gambling in their everyday lives. Such patterns are evident in many regions and weaken buyer power
accordingly.
With regards to suppliers, size matters and a handful of suppliers dominate. Participants benefit from regulatory
barriers to entry, which make it difficult for new players to enter the sector and gain sector share.
Almost any leisure activity can act as a substitute for casinos and gambling. However, the rapid growth of online
gaming in certain countries represents a significant threat to the traditional sector. As a result, the threat from
substitutes is assessed as very strong.

Industry Profiles
6.2. Buyer power

Figure 6: Drivers of buyer power in the casinos & gaming sector in Singapore, 2019
The popularity of different gambling activities means the number of buyers is large. The wide variety of potential
customers weakens buyer power in this sector considerably. Activities within this sector are non-essential leisure
activities, and consequently it should be expected that these activities are not vital to buyers. However, this issue is
complicated by gambling addictions. The existence of addictive gambling behavior indicates that some consumers are
not making rational economic decisions and can become dependent on gambling. Such patterns are evident in many
regions and weaken buyer power accordingly. Buyer power is strengthened though as forwards integration is very
unlikely in this sector.
Consumers can choose from a wide range of gaming activities such as lotteries, gaming machines, poker, blackjack,
and sports betting. There are also several different methods of distribution (online, outlets, casinos etc.) However,
casinos tend to all possess the same activities, particularly in terms of the games that individuals can play and the
rewards they will receive for winning. Additionally, bar those who spend a substantial sum of money and gain loyalty
gifts (such as a free hotel suite for the biggest gamblers in Las Vegas); customers typically do not have any particular
loyalty to a casino brand. As such, buyer power is increased as there is no incentive to stick with a particular brand.
Sports betting offers a wide range of betting opportunities. The advent of bet-in-play options has seen sports betting
revenues grow significantly. Sports & events provide outcomes that gamers can wager on in the hope of picking the
correct result. The increasing popularity and coverage of sports is helping to drive interest as players feel better
informed and therefore more confident in their bets. Large events such as the FIFA World Cup attract greater-than-
normal volumes.
Lotteries are a significant percentage of the overall casinos & gaming sector globally. Lotteries are legal in many
countries in which other forms of gambling are not, such as Turkey for example, and there is often a high degree of
state involvement in the form of state entities as operators. In this way, the ongoing popularity and availability of
lotteries is critical to the health of the casinos & gaming sector. Casino games like roulette and blackjack have been
around for many years, but remain exciting to gamblers. Some of these games, such as roulette, are games of chance,
whereas poker requires a high level of skill to be highly successful. This is normally played in a tournament rather than
against the house, but casinos often serve as venues for these competitions and if they provide prize money, they
need to be aware of the skill levels present.
Switching costs for consumers are virtually non-existent. Ordinarily, many casinos require annual membership fees;
thus constituting a switching cost should a consumer change to a different casino before the annual membership
expires.

Industry Profiles
Overall, there is a moderate degree of buyer power within the casinos and gambling sector.

Industry Profiles
6.3. Supplier power

Figure 7: Drivers of supplier power in the casinos & gaming sector in Singapore, 2019
Suppliers to the casinos and gambling sector vary according to the player. Gaming machines and related equipment
and services are vital for some players.
Companies that supply equipment, machinery, or services are integral to the success of players. There is a low
bargaining power of suppliers in the casinos and gambling sector because casinos often require furnishing and food
supplies, which are typically undifferentiated between rival suppliers. Large casino chains can exert pressure on small
suppliers to take advantages of pricing. Some large supply companies may offer equipment that has high consumer
demand, such as certain gaming machines. In many cases companies establish successful niches, creating lottery
machines and networks. There is a rare chance of backwards integration, as manufacturing machines is generally a
more costly and different level of expertise compared to running casinos and gambling services. This enhances
supplier power.
Casinos have very specific equipment due to the nature of the games they offer. Tables for games such as craps and
Baccarat are necessary and a high level of craftsmanship is required to achieve the required quality and aesthetic.
Casinos also need electronic and mechanical machines. Electronic versions of casino games are popular, particularly
among less affluent gamblers. For table games and roulette wheels, specialists such as Cammech and
TCSJOHNHUXLEY have forged a strong reputation, enhancing their power in this sector. Lotteries also have strong
incumbents, such as Smartplay International, which serves over 400 organizations in more than 85 countries.
Larger suppliers diversify geographically to guard against over-dependence on just one particular sector. However,
most manufacturers of gaming machines tend to be specialized in this sector. Since the gaming industry is highly
important to their survival, this weakens supplier power.
Overall, supplier power is assessed as moderate.

Industry Profiles
6.4. New entrants

Figure 8: Factors influencing the likelihood of new entrants in the casinos & gaming sector in Singapore, 2019
The casinos and gambling sector operates differently from country to country, according to regulatory and legislative
barriers, which often reflect the cultural acceptance of gambling in a particular country.
Gambling was legalized in Singapore under the Casino Control Act in 2006 and the minimum gambling age is 21. There
is a single state operator for lotteries in Singapore, the Tote Board. It also runs the Singapore pools, one of the few
approved sports betting outlets. In 2010, two casinos were opened. While tourists do not pay an entry fee, residents
must pay a one-time fee of $100 or an annual fee of $2,000 to use the casinos. This may limit appetite and new
entrants will need to gauge interest carefully before committing. The duration of a permit received under the Private
Lotteries Act is to be determined by the relevant authority and the permit fee is approximately $141 per year. Levies
on gambling operations range from 9.5% for slot machines to 30% for private lotteries or totalisator or pari-mutuel
betting.
In 2019, Las Vegas Sands Corp. (LVS) entered into an agreement with the Singapore government to expand Marina
Bay Sands. The company is planning to spend approximately $3.3bn to build a 15,000-seat arena, a luxury hotel tower
and an additional MICE (Meeting, Incentive, Convention, and Exhibition) space. As such, the sector would be
extremely difficult to enter due to the heavy financial backing of the leading companies. A new company wishing to
enter the casinos and gambling sector would require fairly large amounts of capital to establish a casino, betting shop
or gaming hall, employ staff, and acquire gaming equipment. In comparison, establishing a sports betting operation or
installing gaming machines, such as slots, in a pub or shop, will be less cash intensive. However, the willingness of
customers to switch from one gaming company to another, coupled with an easy access to suppliers, is conducive to
the entry of new players.
Overall, the risk of new entrants is moderate.

Industry Profiles
6.5. Threat of substitutes

Figure 9: Factors influencing the threat of substitutes in the casinos & gaming sector in Singapore, 2019
For the casinos and gambling sector as a whole, almost any leisure activity can act as a substitute. These activities
have minimal switching costs and may also be cheaper than gambling for consumers.
The threat of substitutes is increasing. Low restrictions have resulted in the legalization of many forms of gambling.
Other forms of gambling such as tribal land casinos, internet-based casinos, and waterborne casinos may be attractive
to customers of traditional casinos. Aside from cost advantages, some customers may value the social aspect of non-
gambling forms of gaming facilities.
For those wishing to engage in an activity which offers the possibility of winning money, online gambling is an option.
In Singapore, the tight regulation of gambling for the domestic population makes it difficult. All forms of remote
gambling activity are prohibited under the Remote Gambling Act unless an exemption is granted. The Ministry of
Home Affairs announced on September 29, 2016, that it approved applications for the Singapore Turf Club and
Singapore Pools to be exempt operators under the Remote Gambling Act.
The threat of substitutes in this sector is very strong.

Industry Profiles
6.6. Degree of rivalry

Figure 10: Drivers of degree of rivalry in the casinos & gaming sector in Singapore, 2019
For many players, gaming is their sole or principal activity, so it is vital that they maintain their gaming revenues. Some
companies, however, have a more diverse offering; casinos and hotels is a common combination, which weakens
rivalry somewhat and makes an exit from the sector easier. In Singapore, there are only two casino resorts in the city
state, and one state provider of lotteries. They possess significant financial muscle and are large players.
Many players have the ability to differentiate their offerings through additional services such as entertainment
(concerts, special events), reward programs, tournaments, or non-gaming facilities (restaurants, arcades, spas).
Ultimately, unstable growth in recent years has seen the level of rivalry increase, with slower growth projected over
the forecast period expected to intensify rivalry further.
Overall, rivalry within this sector is assessed as moderate.

Industry Profiles
7. Competitive Landscape
The Singaporean casino & gaming sector experienced slow growth in 2019. The sector consists of three leading
players, Las Vegas Sands Corp, Genting Singapore Limited and Singapore Totalisator Board. The main sector players
are based in the US and Singapore, which indicates the well-diversified presence of the sector players. Players are
focused on serving a broad client base and mitigating the risk of operating in a single market by operating a broad
product portfolio. The recent outbreak of coronavirus has led to either the cancellation or postponement of a number
of major sporting events globally, which has disrupted growth in the casinos & gaming sector significantly. Soccer, one
of the most popular sporting events to bet on, has seen a number of competitions postponed. The decrease of
sporting markets will undoubtedly have a negative impact on the sector, however the true extent of the damage
remains uncertain.
7.1. Who are the leading players?

Las Vegas Sands Corp (LVSC) is the largest provider of casino & gaming services in Singapore with $36.9bn market cap.
The company is based in Las Vegas, the US and is a developer of global destination properties which feature
accommodation, entertainment and retail, gaming, convention and exhibition facilities, restaurants, and other
amenities. The company operates properties in the US, Singapore, and Macao. LVSC’s properties in Las Vegas include
The Venetian Las Vegas, The Palazzo, and the Sands Expo Center. The company’s properties in Macao include
Venetian Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao Sands Cotai Central, and Sands
Macao. It operates Sands Bethlehem hotel in Pennsylvania, and Marina Bay Sands hotel in Singapore.
Genting Singapore Limited (Genting Singapore) is the second largest provider of casino & gaming services in Singapore
with $6.3bn market cap. The company is based in Singapore and develops, manages, and operates resorts and
casinos, which include gaming, MICE, hospitality, leisure, and entertainment facilities. It offers marketing and sales
support services to leisure and hospitality related businesses and investments. It provides hotels, event facilities,
retail, dining, entertainment shows, themed attractions, and spa services. The company owns a resort, Resorts World
Sentosa, which offers casino, adventure cove waterpark, Universal Studios Singapore theme park, Michelin-starred
restaurants, S.E.A. aquarium, MICE facilities, and specialty retail outlets. Its portfolio of hotels includes Crockfords
Tower, Festive Hotel, Equarius hotel, Beach villas, Genting Jurong Hotel and Hard Rock Hotel Singapore. The company
has operations in Singapore, Australia, Malaysia, the Bahamas, the Philippines and the UK.
Singapore Totalisator Board is the third largest provider of casino & gaming services in Singapore. The company is
based in Singapore and it was established on 1 January 1988 with the legal right to operate horse racing through its
proprietary club, the Singapore Turf Club and 4D, TOTO, Singapore Sweep, sports betting and horse betting through
its wholly-owned subsidiary, Singapore Pools (Private) Limited. Tote Board family comprises Tote Board, Singapore
Pools (Pools) and Singapore Turf Club (STC). Tote Board exercises management oversight over its subsidiaries - Pools
and STC - to ensure that their operations are conducted safely and professionally with the highest standards of
integrity and responsible gambling practices. Tote Board channels the gaming revenue of Pools and STC, together with
the casino entry levy, to support and fund worthy causes.
7.2. What strategies do the leading players follow?

LVSC's strong cash and liquidity position puts the company at an advantage while funding any potential market
opportunities. The company increased its cash and cash equivalents by 92.1%, current assets by 74.1%, and increase
in current liabilities by 6.8% in 2018. The increase in current assets and increase in cash and cash equivalent enhances
the working capital and short-term liquidity of the company, and improved liquidity indicators such as current ratio
and quick ratio. In 2018, LVSC reported a current ratio of 1.76, compared to 1.08 in 2017, and a quick ratio of 1.75,
compared to 1.08 in 2017.

Industry Profiles
Genting Singapore is able to mitigate risks associated with operating in a single market due to its broad product
portfolio. Through its subsidiaries, it is involved in the development and operation of integrated resorts, operation of
casinos, investments, and sales and marketing services in Australia, the Bahamas, Malaysia, the Philippines, Singapore,
and the UK. The company operates Resorts World Sentosa (RWS), a 49-hectare mega-resort in Singapore's holiday
island of Sentosa. It offers 15,000 sq.m. of gaming space and around 2,400 slots and electronic table games and more
than 550 tables with over 13 different games. Genting Singapore operates hotels including Crockfords Tower, Hotel
Michael, Festive Hotel, Equarius hotel, Beach villas, Genting Jurong Hotel and Hard Rock Hotel Singapore. The
company offers theme parks, marine life parks, museums in Resorts World Sentosa. Its International theme park,
Universal Studios is the first movie theme park in Singapore and offers rides and shows such as Hollywood, New York,
Sci-fi City, Ancient Egypt, The Lost World, Far Far Away and Madagascar. It also offers meeting facilities for up to
35,000 delegates, 37 functional rooms and more than 20 varied indoor and outdoor events venues serving more than
two million delegates and handling more than 7,000 events. The RWS also operates a kids’ club, which provides
various children related entertainment activities. The company also offers food and beverage with more than 60
restaurants, cafes, and bars. It also has more than 45 retail outlets that offer products and services that range from
international brands and lifestyle creations, to collectibles and must-buy items. Its branded retail outlets comprise
Chanel, Bulgari, Rolex, Chopard, Richard Mille, Vacheron Constantin and Versace.

Industry Profiles
8. Company Profiles
8.1. Genting Singapore Limited
8.1.1. Company Overview
Genting Singapore Limited (Genting Singapore) is an integrated resort development company. It develops, manages
and operates resorts and casinos, which include gaming, MICE, hospitality, leisure and entertainment facilities. It
offers marketing and sales support services to leisure and hospitality related businesses and investments. It provides
hotels, event facilities, retail, dining, entertainment shows, themed attractions and spa services. The company owns a
resort, Resorts World Sentosa, which offers casino, adventure cove waterpark, Universal Studios Singapore theme
park, Michelin-starred restaurants, S.E.A. aquarium, MICE facilities, and specialty retail outlets. Its portfolio of hotels
includes Crockfords Tower, Festive Hotel, Equarius hotel, Beach villas, Genting Jurong Hotel and Hard Rock Hotel
Singapore. The company has operations in Singapore, Australia, Malaysia, the Bahamas, the Philippines and the UK.
Genting Singapore is headquartered in Singapore City, Singapore.
The company reported revenues of (Singapore Dollars) SGD2,539.2 million for the fiscal year ended December 2018
(FY2018), an increase of 6.1% over FY2017. In FY2018, the company’s operating margin was 38.4%, compared to an
operating margin of 37.3% in FY2017. In FY2018, the company recorded a net margin of 29.7%, compared to a net
margin of 28.7% in FY2017. The company reported revenues of SGD636.8 million for the second quarter ended June
2019, a decrease of 0.6% over the previous quarter.
8.1.2. Key Facts
Table 5: Genting Singapore Limited: key facts
Number of Employees: 13000

Website: www.gentingsingapore.com
Financial year-end: December
Ticker: G13
Stock exchange: Singapore Exchange Securities Trading
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
Genting Singapore Ltd (Genting Singapore) is an investment holding company. The company, through its subsidiaries,
operates gaming and integrated resort development businesses in Australia, the Bahamas, Malaysia, the Philippines,
Singapore and the UK. It develops and operates integrated resorts, and operates casinos. It offers sales and marketing
services to leisure and hospitality related businesses.
The company classifies its business operations into two reportable segments: Leisure and Hospitality and Investments.

Industry Profiles
Table 6: Genting Singapore Limited: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % -16.13 -7.20 7.38 6.13 -2.32
Operating Income Growth % -59.63 62.14 63.00 9.29 -11.46
EBITDA Growth % -59.63 62.14 63.00 9.29 -11.46
Net Income Growth % -69.61 99.18 78.28 10.19 -8.84
EPS Growth % -75.49 127.24 86.40 39.81 -9.10
Working Capital Growth % 9.25 0.09 -37.17 11.94 -6.36
Equity Ratios
EPS (Earnings per Share) SGD 0.01 0.02 0.05 0.06 0.06
Dividend per Share SGD 0.02 0.03 0.04 0.04 0.04
Dividend Cover Absolute 0.41 0.74 1.43 1.79 1.43
Book Value per Share SGD 0.80 0.79 0.62 0.65 0.67
Profitability Ratios
Gross Margin % 28.85 30.95 44.92 45.44 41.49
Operating Margin % 14.06 24.57 37.29 38.40 34.81
Net Profit Margin % 8.04 17.26 28.65 29.75 27.76
Profit Markup % 40.55 44.81 81.57 83.28 70.90
PBT Margin (Profit Before Tax) % 11.63 22.29 35.95 37.15 34.14
Return on Equity % 2.01 4.04 9.21 9.71 8.55
Return on Capital Employed % 2.97 5.06 10.21 10.95 10.10
Return on Assets % 1.56 3.28 6.51 7.80 7.24
Return on Working Capital % 6.49 10.51 27.27 26.62 25.17
Operating Costs (% of Sales) % 85.94 75.43 62.71 61.60 65.19
Administration Costs (% of Sales) % 6.21 9.61 9.18 9.69 10.30
Liquidity Ratios
Current Ratio Absolute 9.04 9.23 4.78 5.25 5.88
Quick Ratio Absolute 8.95 9.14 4.72 5.19 5.81
Cash Ratio Absolute 7.73 7.85 4.43 4.88 5.61
Leverage Ratios
Debt to Equity Ratio Absolute 0.17 0.12 0.16 0.13 0.03
Net Debt to Equity Absolute 0.09 0.05 0.07 0.07 -0.02
Debt to Capital Ratio Absolute 0.14 0.11 0.14 0.12 0.03
Efficiency Ratios
Asset Turnover Absolute 0.19 0.19 0.23 0.26 0.26
Fixed Asset Turnover Absolute 0.43 0.42 0.46 0.51 0.52
Inventory Turnover Absolute 30.83 25.92 23.93 28.45 29.77
Current Asset Turnover Absolute 0.40 0.38 0.48 0.59 0.57
Capital Employed Turnover Absolute 0.21 0.21 0.27 0.29 0.29
Working Capital Turnover Absolute 0.46 0.43 0.73 0.69 0.72
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 7: Genting Singapore Limited: Key Employees
Name Job Title Board

Chan Swee Liang Carolina Director Non Executive Board
Jonathan Asherson Director Non Executive Board
Koh Seow Chuan Director Non Executive Board
Lee Shi Ruh Chief Financial Officer Senior Management
Liew Lan Hing Secretary Senior Management
Nanami Kasasaki Chief Corporate Officer Senior Management
Tan Hee Teck Chief Operating Officer Executive Board
Tan Hee Teck Director Executive Board
Tan Hee Teck President Executive Board
Tan Sri Lim Kok Thay Chairman Executive Board
Tan Wah Yeow Director Non Executive Board

Industry Profiles
8.2. Las Vegas Sands Corp
8.2.1. Company Overview
Las Vegas Sands Corp (LVSC) is a developer of destination properties globally. These properties feature
accommodations, entertainment and retail, gaming, convention and exhibition facilities, restaurants and other
amenities. The company operates properties in the US, Singapore and Macao. LVSC’s properties in Las Vegas include
The Venetian Las Vegas, The Palazzo, and the Sands Expo Center. The company’s properties in Macao include
Venetian Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao Sands Cotai Central, and Sands
Macao and operates Marina Bay Sands hotel in Singapore. LVSC is headquartered in Las Vegas, Nevada, the US.
The company reported revenues of (US Dollars) US$13,739 million for the fiscal year ended December 2019 (FY2019),
an increase of 0.1% over FY2018. In FY2019, the company’s operating margin was 30.8%, compared to an operating
margin of 26.9% in FY2018. In FY2019, the company recorded a net margin of 19.6%, compared to a net margin of
17.6% in FY2018.The company reported revenues of US$1,782 million for the first quarter ended March 2020, a
decrease of 49.2% over the previous quarter.
8.2.2. Key Facts
Table 8: Las Vegas Sands Corp: key facts
Head office: 3355 Las Vegas Blvd S Rm 1ALAS VEGAS, Nevada, United States
Telephone: 17024141000
Number of Employees: 50000
Website: www.sands.com/
Financial year-end: December
Ticker: LVS
Stock exchange: New York Stock Exchange
SOURCE: COMPANY WEBSITE MARKETLINE
8.2.3. Business Description
Las Vegas Sands Corp (LVSC) is a developer, owner and operator of destination properties. Its properties feature
premium convention and exhibition facilities, retail stores, accommodations, gaming and entertainment, celebrity
chef restaurants and other facilities. The company operates resorts in the US, Singapore and Macao.
The company classifies its operations into three geographic segments: The US, Macao and Singapore.

Industry Profiles
Table 9: Las Vegas Sands Corp: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % -19.85 -3.57 12.93 7.86 0.07
Operating Income Growth % -30.34 -12.12 38.53 6.59 14.73
EBITDA Growth % -24.70 -6.01 28.00 3.56 12.68
Net Income Growth % -30.78 -14.61 67.24 -14.07 11.81
EPS Growth % -29.36 -11.93 31.87 16.47 -11.55
Working Capital Growth % -54.03 -74.50 -17.47 899.59 -13.62
Equity Ratios
EPS (Earnings per Share) USD 2.47 2.11 2.88 3.14 3.50
Dividend per Share USD 2.60 2.88 2.92 3.00 3.08
Dividend Cover Absolute 0.95 0.73 0.99 1.05 1.14
Book Value per Share USD 8.57 7.77 8.22 7.33 6.79
Profitability Ratios
Gross Margin % 47.67 49.55 50.27 49.20 50.27
Operating Margin % 24.31 22.15 27.18 26.86 30.79
Net Profit Margin % 16.82 14.90 22.06 17.58 19.64
Profit Markup % 91.08 98.22 101.11 96.86 101.10
PBT Margin (Profit Before Tax) % 22.43 20.09 23.99 24.23 27.45
Return on Equity % 28.84 27.18 43.29 42.45 52.01
Return on Capital Employed % 15.44 14.14 19.51 19.01 21.18
Return on Assets % 9.10 8.12 13.65 11.16 11.80
Return on Working Capital % 248.16 855.14 1435.27 153.05 203.27
Operating Costs (% of Sales) % 75.69 77.85 72.82 73.14 69.21
Administration Costs (% of Sales) % 14.09 16.38 13.31 12.35 13.68
Liquidity Ratios
Current Ratio Absolute 1.46 1.10 1.08 1.76 1.65
Quick Ratio Absolute 1.45 1.09 1.07 1.75 1.63
Cash Ratio Absolute 0.88 0.76 0.82 1.47 1.31
Leverage Ratios
Debt to Equity Ratio Absolute 1.37 1.55 1.49 2.11 2.41
Net Debt to Equity Absolute 1.05 1.21 1.11 1.29 1.59
Debt to Capital Ratio Absolute 0.58 0.61 0.60 0.68 0.71
Efficiency Ratios
Asset Turnover Absolute 0.54 0.55 0.62 0.64 0.60
Fixed Asset Turnover Absolute 0.69 0.66 0.75 0.83 0.82
Inventory Turnover Absolute 144.49 127.78 152.51 193.72 189.78
Current Asset Turnover Absolute 2.66 3.36 4.04 3.13 2.53
Capital Employed Turnover Absolute 0.64 0.64 0.72 0.71 0.69
Working Capital Turnover Absolute 10.21 38.60 52.81 5.70 6.60

Industry Profiles
Table 10: Las Vegas Sands Corp: Key Employees
Name Job Title Board

Charles A. Koppelman Director Non Executive Board
Charles D. Forman Director Non Executive Board
David F. Levi Director Non Executive Board
David Paterson Vice President Senior Management
George Jamieson Director Non Executive Board
Chief Operating Officer The Venetian, The
George Markantonis Palazzo, and Sands Expo and Convention Senior Management
Center
President The Venetian, The Palazzo, and
George Markantonis Senior Management
Sands Expo and Convention Center
George Tanasijevich Chief Executive Officer Marina Bay Sands Senior Management
George Tanasijevich President Marina Bay Sands Senior Management
Irwin Chafetz Director Non Executive Board
Lawrence "Lon" Jacobs Executive Vice President Senior Management
Lawrence "Lon" Jacobs General Counsel Global Senior Management
Lewis Kramer Director Non Executive Board
MichelineChau Director Non Executive Board
Patrick Dumont Chief Financial Officer Senior Management
Patrick Dumont Executive Vice President Senior Management
Robert G. Goldstein Chief Operating Officer Senior Management
Robert G. Goldstein President Senior Management
Sheldon G. Adelson Chairman Executive Board
Sheldon G. Adelson Chief Executive Officer Executive Board
Wilfred Wong Chief Operating Officer Sands China Ltd Senior Management
Wilfred Wong President Sands China Ltd Senior Management
Xuan Yan Director Non Executive Board

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 11: Singapore size of population (million), 2015–19
Year Population (million) % Growth

2015 5.6 1.9%
2016 5.7 1.9%
2017 5.8 1.9%
2018 5.9 1.8%
2019 6.0 1.8%
Table 12: Singapore gdp (constant 2005 prices, $ billion), 2015–19
Year Constant 2005 Prices, $ billion % Growth

2015 210.6 3.1%
2016 217.0 3.1%
2017 224.0 3.2%
2018 231.9 3.5%
2019 240.6 3.7%
Table 13: Singapore gdp (current prices, $ billion), 2015–19
Year Current Prices, $ billion % Growth

2015 321.9 4.7%
2016 337.4 4.8%
2017 353.3 4.7%
2018 370.8 4.9%
2019 390.0 5.2%
Table 14: Singapore inflation, 2015–19

Industry Profiles
Year Inflation Rate (%)

2015 2.9%
2016 2.6%
2017 2.4%
2018 2.3%
2019 2.4%
Table 15: Singapore consumer price index (absolute), 2015–19
Year Consumer Price Index (2005 = 100)

2015 133.6
2016 137.1
2017 140.4
2018 143.6
2019 147.1
Table 16: Singapore exchange rate, 2015–19
Year Exchange rate ($/Si$) Exchange rate (€/Si$)

2015 1.3747 1.5252
2016 1.3811 1.5280
2017 1.3792 1.5600
2018 1.3493 1.5927
2019 1.3641 1.5279

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of
each definition are carefully reviewed at the start of the research process to ensure they match the requirements of
both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data
to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which
can then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. Asia Pacific Lottery Association (APLA)
74 Walters Drive, Osborne Park, Western Australia 6017

Tel.: 61 8 9340 5371
Fax: 61 8 9443 1464
www.asiapacific-lotteries.com
9.2.2. World Lottery Association
Lange Gasse 20, CH-4002 Basel, Switzerland

Tel.: 41 61 284 1111
Fax: 41 61 284 1350
www.world-lotteries.org
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Casinos and Gaming

Casinos and Gaming in Japan
Casinos and Gaming in Asia-Pacific
Casinos and Gaming in the United States

Industry Profiles
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MarketLine Industry Profile

Casinos & Gaming in Singapore

Reference Code: 0116-2019

Publication Date: June 2020

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market rivalry

1.6. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Category segmentation ................................................................................................................2

1.4. Geography segmentation .............................................................................................................2

1.5. Market rivalry ................................................................................................................................ 2

1.6. Competitive Landscape ................................................................................................................2

2.1. Market definition ........................................................................................................................... 7

2.2. Market analysis ............................................................................................................................ 8

3.1. Market value ................................................................................................................................. 9

4.1. Category segmentation ..............................................................................................................10

4.2. Geography segmentation ...........................................................................................................11

5.1. Market value forecast .................................................................................................................12

6. Five Forces Analysis 13

6.1. Summary .................................................................................................................................... 13

6.2. Buyer power ............................................................................................................................... 14

6.3. Supplier power ........................................................................................................................... 16

6.4. New entrants .............................................................................................................................. 17

6.5. Threat of substitutes ...................................................................................................................18

6.6. Degree of rivalry ......................................................................................................................... 19

7.1. Who are the leading players?.....................................................................................................20

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

7.2. What strategies do the leading players follow? ..........................................................................20

8.1. Genting Singapore Limited .........................................................................................................22

8.2. Las Vegas Sands Corp ..............................................................................................................25

9.1. Country data ............................................................................................................................... 28

9.2. Industry associations ..................................................................................................................31

9.3. Related MarketLine research .....................................................................................................31

About MarketLine .................................................................................................................................... 32

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

Table 5: Genting Singapore Limited: key facts 22

Table 6: Genting Singapore Limited: Annual Financial Ratios 23

Table 7: Genting Singapore Limited: Key Employees 24

Table 8: Las Vegas Sands Corp: key facts 25

Table 9: Las Vegas Sands Corp: Annual Financial Ratios 26

Table 10: Las Vegas Sands Corp: Key Employees 27

Table 11: Singapore size of population (million), 2015–19 28

Table 12: Singapore gdp (constant 2005 prices, $ billion), 2015–19 28

Table 13: Singapore gdp (current prices, $ billion), 2015–19 28

Table 14: Singapore inflation, 2015–19 28

Table 15: Singapore consumer price index (absolute), 2015–19 29

Table 16: Singapore exchange rate, 2015–19 29

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 6

2.1. Market definition

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 7

2.2. Market analysis

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 8

3.1. Market value

Table 1: Singapore casinos & gaming sector value: $ million, 2015–19

Year $ million Si$ million € million % Growth