Singapore is betting heavily on mass market players to give its sputtering gaming industry a push amid China’s anti-corruption drive and economic slowdown.
The Financial Times reported the big casinos in Singapore are looking for other growth drivers in order to cushion the impact of the slowing Beijing economic growth as well as to shore up profits. Analysts say that casinos are attempting to shift away from the VIP business to focus more on mass market gamblers.
That’s why Singapore’s Resorts World, which recently announced that it was cutting staff in its gaming business to stay relevant in the challenging market, is enticing new customers through its newly-opened restaurant, which showcases different Michelin-star chef weekly.
Records showed that net profit at Resorts World’s operator Genting Singapore, which is controlled by Malaysia’s Lim family, fell 70 per cent last year to S$193 million (US$143.99 million), the smallest profit since the casino opened in 2010.