Genting IR Vs Marina Bay Sands IR

Read thru BT this morn and found this interesting article about Genting IR Vs Marina Bay Sands IR... check this out below

GENTING Singapore's Resorts World at Sentosa (RWS) will benefit from construction delays at Marina Bay Sands (MBS) caused by problems with weather and sub-contractors.

DBS Vickers said: 'The second delay in the soft launch of MBS will further enhance RWS's first mover advantage.'

DBS Vickers also said that 'RWS should be able to catch the Chinese New Year peak season and lock in local market share', highlighting that the $2,000 annual pass in lieu of $100 per entry to be paid by Singapore residents is exclusive to one casino.

'RWS is on track to open in January 2010 and has submitted its casino licence application - now pending finalisation of the Casino Control Act and interviews of employees by the authorities,' it said, adding that RWS has already recruited about 6,000 staff out of a target of 8,000.

The research note comes a day after Las Vegas Sands chairman Sheldon Adelson said the opening date for MBS had been pushed back from the first quarter of 2010 to Q2.

Speaking at a news conference, he attributed the delays to rain and certain sub-contractors going bankrupt.

Mr Adelson also shed light on the prospect of junket operators, saying that few, perhaps even none, will operate here.

In its research note, DBS Vickers said a strict junket licensing regime will be in place 'and we believe the Singapore government will be pragmatic in ensuring both integrated resorts will be a success'.

For RWS, DBS Vickers expects gaming revenue to come mainly from the grind segment, contributing about 60 per cent of gaming revenue.

'Universal Studios should help draw in the mass market, differentiating RWS from MBS's MICE/business visitors focus and help diversify revenue base,' it said. It expects non-gaming revenue to contribute 25-30 per cent of RWS's total revenue.

'In any case, a higher percentage of direct VIP business should help boost margins given the typical lower rebates compared with junket commissions,' it said. 'Although this could lead to higher default risk, we believe it should be easier to conduct credit checks and enforce debts given Singapore's target market.'

Sands pushed back Marina Bay Sand Opening

It is reported that Marina Bay Sands Integrated Resorts have delay their opening to likely mid April next year. The hotel rooms,casino, partial shops and restaurant will be open first follow by the rest of the integrated resorts 45-60days later.

By December 2010, the rest of the resort like museum and threatres will be fully open. Sands will also prepare their staff for training early of next year for the preparation of the IR opening.

Marina Sands Opening 2010

Good news for those awaiting the opening of our IR, extract from The Business Time report today

Las Vegas Sands Corp expects to open its US$5.5 billion, 2,700-room Singapore integrated resort in phases starting in the first quarter of next year, a company spokesman said on Thursday.

The first phase of the project will also include the casino, some of the retail operations and some of the meeting and convention space. He declined to give a specific date for the opening - which will include 800 to 1,000 hotel rooms - but a source close to the company said it would be 'toward the end of March'.

The first phase of the project will also include the casino, some of the retail operations and some of the meeting and convention space, said spokesman Ron Reese.

Sands said in July that it was making every effort to open the triple-tower property, called Marina Bay Sands, by Feb 15, 2010.

The company is now in the process of raising segments of the resort's 'sky park' - a 1,200-foot-long (360-metre) span running across the top of the three 55-story hotel towers.

Half of the 14 segments are in place.

About 60 days after the opening of the project's first phase, Sands aims to open the remainder of the hotel rooms, additional retail space and the sky park, Mr Reese said.

By the end of 2010, the company expects the rest of the attractions, including the theatres and museum, to open.