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M O R G A N S T A N L E Y R E S E A R C H
July 26, 2012
Genting Singapore PLC
Exhibit 1
Comparison of GENS and MBS Quarterly Performance
1Q12 2Q12e 1Q12 2Q12 GENS QoQ GENS vs. MBS
US$mn, except otherwise stated GENS/ RWS GENS/ RWS MBS MBS 2Q12 comparison
Revenue (S$mn) 787 787 1,061 882 0% -11%
EBITDA (S$mn) 376 406 591 420 8% -3%
VIP
VIP Roll 12,240 12,020 12,805 11,506 -2% 4%
Win Rate % 3.4% 3.0% 3.6% 2.4% -0.4% 0.6%
VIP Revenue (Gross) 416 361 458 278 12% -9%
No. of VIP Table (Average) 187 182 133 133
Roll/Table/Day (US$) 717,994 724,409 1,057,961 950,649 1% -24%
Win/Table/Day (US$) 24,412 21,732 37,875 23,006 -11% -6%
Mass
Mass Drop 1,164 1,208 1,167 1,206 4% 0%
Win Rate % 22.8% 22.0% 22.2% 22.2% -0.8% -0.2%
Mass Revenue (Gross) 265 266 259 268 8% 2%
No. of Mass Table (Average) 375 375 474 474
Drop/Table/Day (US$) 34,145 35,433 27,055 27,948 4% 27%
Win/Table/Day (US$) 7,785 7,795 6,006 6,204 0% 26%
Slot
Slot Volume 2,481 2,542 2,741 2,741 2% -7%
Win Rate % 5.8% 5.8% 5.4% 5.2% 0.0% 0.6%
Slot Revenue (Gross) 145 148 148 143
No. of Slot (Average) 2,440 2,500 2,459 2,459 2% 2%
Volume/Slot/Day (US$) 11,172 11,172 12,247 12,251 0% -9%
Win/Slot/Day (US$) 653 653 661 637 0% 2%
e = Morgan Stanley Research estimates
Source: Company Data, Morgan Stanley Research
Company Description
Genting Singapore is an integrated resorts development
specialist engaged in developing, operating and/or marketing
casinos and integrated resorts in Australia, the Americas,
Malaysia, the Philippines and the United Kingdom. In February
2010, the company opened Resorts World Sentosa, one of the
two integrated resorts with casinos in Singapore.