Marina Bay Sands (MBS)

MBS debuted on 27 Apr.

afternoon. To control the crowd, MBS admitted casino patrons in batches by giving out

queue tickets. This was probably following RWS’s initial challenge where the huge

crowd turnout led to the closure of its casino for about 2.5 hours on the second day.

We estimate that there were less than 2,000 people waiting to enter the casino at the

opening bell (Figure 1). There were slightly more foreigners waiting in line than

Singapore citizens/PR. The casino doors opened at slightly after 3.18pm and, in less

than 10 minutes, we were walking through the casino floors.We were one of the first few visitors at MBS on Tuesday

Figure 1: The queue outside MBS’s casino on the afternoon of 27 Apr

Source: CIMB Research

[ 2 ]

Our first take on MBS’s casino.

gaming area covers two floors, MBS’s casino looked considerably bigger than RWS’s

(Figure 2). In a way, the layout was very similar to The Sands in Macau. The façade

and design was more Western with MBS using softer lighting and colours compared

with RWS’s casino interior which featured brighter colours like red, orange and yellow.

The familiar games of baccarat, blackjack and roulette were available in the mass

gaming area. But other games like Pontoon, Pai Gow, Three Card Poker and

Progressive Texas Hold ’Em, which are offered at RWS, were noticeably absent at

MBS. This confirms earlier press reports that MBS received approvals for fewer

games than RWS.Given its atrium-style layout where the mass

Figure 2: An aerial view of MBS’s casino

Source: CIMB Research

Decent punting activities.

punting activities being the strongest on Tuesday night. This is not surprising given i)

the novelty pull of a newly-opened property and ii) casinos are typically crowded at

night. There were noticeably more young professionals on the floors at nights. Again,

this is not entirely unexpected. Apart from the opening afternoon, we did not have to

queue on our subsequent three visits. But this was probably helped by MBS’s four

casino entry points (Figure 3), two on the ground floor and two on the first floor vs.

RWS’s single entry point. MBS’s casino floor seemed less crowded than our weekday

visits to RWS but this is expected given the former’s larger gaming space and higher

number of operating tables.Over our four visits, we saw decent casino crowds with

Figure 3: The other entrances into MBS’s casino

1st floor entrance A side entrance

Source: CIMB Research

Some minor shifts over the past two days.

some 350-400 tables were available for mass gaming play on Tuesday afternoon.

This is higher than the 200+ tables which RWS opened with in Feb 10. Minimum bets

in the afternoon started from as low as S$25 for baccarat and blackjack while a hand

of roulette started at S$5. On Wednesday afternoon, however, we saw slightly more

unopened tables but this was, in a way, slightly offset by lesser S$25 minimum bet

tables. Interestingly, the casino crowd on Wednesday, both in the afternoon and at

night, were largely comparable with Tuesday’s.Our rough initial count revealed that

[ 3 ]

What about betting patterns?

per hand, which is on par to slightly lower than what we observed at RWS. Unlike

RWS, which featured surprisingly well-occupied S$200 minimum bet tables in the

mass gaming area, MBS’s minimum bets hovered largely within S$25-100 and the

popular tables seemed to be the S$25 minimum bet ones.We estimate average betting size to be about S$100

Long queues for Premier Advantage.

the Premier Advantage counters, MBS’s loyalty card programme. We gather that this

is a maiden membership drive effort by MBS and is not linked with LVS’s Grazie

Resort Loyalty Programme, offered by The Venetian and The Palazzo in Macau. In

comparison, we note that RWS’s WorldCard membership programme is a linked

system with the other two Resorts World properties in Malaysia and Philippines where

points earned are recognised across all three properties.Interestingly, we consistently saw queues at

Figure 4: Punters queuing up for membership

Source: CIMB Research

Impressive hotel towers.

impressive. Although we only managed to catch a glimpse of the hotel lobby area, we

liked the property’s atrium layout which gave the impression of a limitless ceiling

(Figure 5). The interior design appears classy and chic. Our checks with the reception

revealed that MBS will only start selling its hotel rooms to the public from May 6

onwards. We believe that the currently-available hotel rooms are reserved for the use

of VIP casino guests at no charge. The press suggested that some 960 rooms out of

the total 2,560 rooms are available for sale. We gather that average room rates are

starting from S$350-400/night, which is comparable with the average hotel room rates

in the vicinity. The key attraction, i.e. the SkyPark, will only be opened to the public in

Jun 10 in conjunction with MBS’s grand opening. From afar, we can see that

construction works for the boat-like SkyPark structure have been largely completed

and there are planted trees visible at the top (Figure 5).From the exterior, the three hotel towers looked

Figure 5: View of MBS’s hotel towers

Lobby area Exterior view

Source: CIMB Research

[ 4 ]

Massive retail space.

which is the integrated resort’s (IR) key retail section (Figure 6). While RWS’s key

appeal is its family-oriented entertainment, MBS’s key feature is its retail and MICE

facilities. Based on observations over the past two days, we estimate that about 10%

of the shops are open. MBS’s retail space is 2-3x larger than RWS’s with tenant mix

largely focused on mid- to high-end brand names.We also walked around The Shoppes at Marina Bay Sands,

Figure 6: The Shoppes at MBS

Source: CIMB Research