Page 1 of 3 123 LastLast
Results 1 to 10 of 27

Thread: Dizzy new world of S'pore high rollers

  1. #1

    Default Dizzy new world of S'pore high rollers

    http://www.businesstimes.com.sg/sub/...61582,00.html?

    Published October 22, 2011

    Dizzy new world of S'pore high rollers

    They show up with US$30m in hand, play for stakes never seen before

    By GRACE LEONG


    WHEN whales come to Singapore, they make a big splash.

    Arriving mostly from the Asian region, they are surfacing at Marina Bay Sands with up to US$30 million in hand, ready to roll.

    That's the kind of action even Las Vegas - the byword for gambling up until recent years - has rarely seen. Small wonder that bets are on Singapore's gaming duopoly, barely 20 months old, to surpass gaming revenues from the Las Vegas Strip as early as this year.

    'There are people who show up with US$10 million, US$20 million, US$30 million, and no one knows who they are until they say: 'I have US$20 million. Can you help me get started on gambling?' ' said Rob Goldstein, LVS's president of global gaming operations at a recent gaming investment forum in Las Vegas. 'That's the market in Singapore. We're unearthing opportunities that hitherto we never saw.'

    Even with the absence of licensed junket operators, the size and volume of direct VIP play in Singapore has far exceeded industry expectations - including Mr Goldstein's, a gaming business veteran with experience in the Caribbean, Atlantic City and Las Vegas.

    'On credit issuance, it's a whole new world out there,' he said. 'I don't have that much experience with direct credit (funds from VIP players to the casino) of US$10 million to US$20 million a day. It's new to all of us.'

    Under existing gaming laws, there are no restrictions on how much funds gamblers can bring into the casinos in Singapore and how they bring it into the casinos.

    Typically, many VIP high rollers don't physically bring in such massive sums to the casino, preferring instead to wire a smaller amount to their account at the casino, and getting casino credit.

    'We have days on our numbers in Singapore where we have 10-20 people winning or losing US$1 million a day. It's a pretty extraordinary business,' Mr Goldstein said.

    Compared with Singapore, Las Vegas doesn't see that level of frequency and size of direct VIP play as there just aren't many people gambling US$1 million a day in Las Vegas.

    In Macau, the volume of direct play is dwarfed by the scale of funding brought by junket operators.

    Analysts cite Singapore's low gaming tax rate compared with Macau's, which enables Singapore casinos to pay higher commissions to attract direct VIP players.

    'The tax structure is designed to bring in foreign money. The tax on VIP business is about 11.5 per cent compared with a 22 per cent tax on mass gaming,' HSBC analyst Sean Monaghan said.

    Singapore is also unique in that it has the ability to attract a broader array of high net worth people, many of whom are permanent residents (PRs) with means and who help fuel a good chunk of the local VIP business growth, he said.

    'A disproportionate number of high net worth people like visiting Singapore because it's a safe place, family-friendly and business-friendly. In Macau, over 90 per cent of the wealth comes from China and North Asia. But in Singapore, most of the wealth comes from Southeast Asia, and some from North and South Asia. It's far more diversified,' Mr Monaghan said.

    Case in point, Mr Goldstein said he recently met a 'very, very big businessman' from Vietnam who attracted attention at the MBS casino because he was betting house limits. 'I asked him: 'How did you find us?' He said he has a vacation home in Singapore and wants to try out gambling here. I asked him why he doesn't go to Macau. He said he feels comfortable in Singapore.'

    Cannibalisation of business between the Macau and Singapore gaming markets hasn't been an issue so far, Mr Goldstein said.

    'Singapore is a spectacular market at all levels. The mainland Chinese, Japanese, Singaporeans, Indonesians and Malaysians are all our customers here . . .One reason credit here has been a good experience for us is that we're dealing with people who are very wealthy, and very liquid, and money is available to them in terms of the banks here,' he said.

    'The private wealth business is wildly positive for us as is the desirability of this property (MBS). There are people who just won't go to Macau. They prefer Singapore because of the easy access, great airport, retail, tourism market. It's a privileged place to do business,' he said.

  2. #2

    Default

    Singapore surpassing Las Vegas as a gambling destination.... that a good thing?

  3. #3
    Join Date
    Oct 2008
    Posts
    1,493

    Default

    Many more will jump into Bedok reservoir, that's for sure

  4. #4

    Default

    Quote Originally Posted by Geylang OKT
    Many more will jump into Bedok reservoir, that's for sure
    There you go


    http://news.asiaone.com/News/AsiaOne...25-306873.html

  5. #5
    Join Date
    Mar 2010
    Posts
    2,571

    Default

    Quote Originally Posted by Worsty
    Becoming a monthly thingy now..., wonder if it is also well sought after location in the netherworld..

  6. #6

    Default

    Quote Originally Posted by land118
    Becoming a monthly thingy now..., wonder if it is also well sought after location in the netherworld..
    average is 1 per month. If november has 0 death, then december expect 2 death to make up for the november miss.
    if december 0 death, then expect january to have 3 deaths.

    reallife final destination?

  7. #7

    Default

    Quote Originally Posted by howgozit
    Singapore surpassing Las Vegas as a gambling destination.... that a good thing?
    Of course is a good thing for Singapore economy. Singapore need another growth engine to replace manufacturing industry.

  8. #8

    Default

    Quote Originally Posted by Allthepies
    Of course is a good thing for Singapore economy. Singapore need another growth engine to replace manufacturing industry.
    I am not being moralistic about gambling. But just how much of this money is going to Singaporeans?

    The casinos were brought in under the guise of promoting MICE with the addition of casinos supposedly being a small part of MICE. But we are not reading news of Singapore surpassing any country as a MICE host.

    Being a top gambling city IMHO is a dubious "honour" just above the "honour" of being a top prostitution city.

  9. #9

    Default

    Buy GENS and LVS.

  10. #10

    Default

    Imagine 5 years from now when Las Vegas has completely lost its standing as the top city of sin to Singapore.

    Hollywood will be filming "Hangover 8 - What happens in Swing-apore stays Singapore".

    Gambling has become our main economy since manufacturing is so "passe".

    Our currency will be replaced by gambling chips as a symbol of support to the core Singapore industry .

    The fourth university has decided to change its focus away from a technology institute to a gambling institute. This is to facilitate producing highly competent graduates with the aim of serving all those rich people coming to splurge their millions here. More practical degree courses like Card Shuffling and Dice Rolling amongst others will be offered. Chow Yun Fatt will be the Dean.

    Primary 1 registration balloting will be carried in the casino at the roulette table. Lower primary math problem sums will revolve around scenarios in the casino.

    Higher level math classes will focus mainly on statistics and probabilty. Useless topics like calculus will be ditched.
    Last edited by howgozit; 26th October 2011 at 02:01 AM.

Page 1 of 3 123 LastLast

Posting Permissions