Marina Bay Sands Slots
Singapore’s Marina Bay Sands was named the world’s most profitable casino recently, but Motley Fool’s Travis Hoium predicted the Las Vegas Sands casino’s best days might be behind it. Hoium claimed business is starting to slow down at Marina Bay, which opened in 2010 and cost $8 billion to develop.
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Las Vegas Sands derives a third of its earnings ($1.5b) before interest, tax, depreciation and amortization (EBITDA) from Marina Bay Sands. That might be a bad sign for LVS, because Marina Bay’s EBITDA has stagnated in recent years — and even regressed in some cases.
The reason is increased competition in the Asian casino market. Cambodia is now home to nearly 150 casinos. While most are still relatively small operations, one city on the coast of the Southeast Asian country is now known as the Cambodian Macau.
Vietnam liberalized its casino industry and is in the midst of a resort-building boom. Casinos have appeared on the border between India and Nepal. China is considering opening Hainan Island to casino gaming. Meanwhile, the Philippines continues to build new casinos and Japan is on the brink of approving threat mega-resorts.
Marina Bay Sands Tops in 2018
With growing competition, it is hard to see Marina Bay Sands continuing to grow. Much of the astounding profits from Singapore’s two casinos — Resorts World Sentosa and Marina Bay Sands — came from the relative lack of competition.
Travis Hoium of The Fool wrote, “In every quarter in 2018 we see VIP play on the decline, and in three of four quarters mass market play fell versus a year ago. The drop in play isn’t reflected in the EBITDA numbers…because 2018 has been an unusually lucky year for Marina Bay Sands.”
“The first quarter in particular saw the casino win almost 50 percent more than normal luck would expect. Without that lucky quarter, results would likely show a decline in EBITDA shaping up.”
2020’s Less Promising for Marina Bay
In short, 2018 is unlikely to be reproduced. The Fool pointed out that VIP numbers are going down throughout the region. As China’s economy slows, Chinese high rollers appear to be spending less on their gaming excursions. VIPs continue to visit Asian, Oceanian, and Australian casinos, but they simply do not splurge like they once did.
China’s economy is so large these days, its slowdown is likely to have a regional effect. Many of Asian economies — including Singapore’s — are so tied to Chinese prosperity that any major decline would have a ripple effect. Where once it was the United States which produced recessions for the world, the day might be approaching when China can produce the same.
Singapore: Two-Saloon Town
Marina Bay Sands is unlikely to have new competition in Singapore anytime soon. The sheer cost of building a rival is too much for most competitors. The $8 billion cost made Marina Bay Sands “one of the world’s most challenging construction projects and certainly the most expensive stand-alone integrated resort property ever built.”
When the casino opened, it had 500,000 visitors in the first six months alone. Hoium described LVS’s integrated resort as “likely the most profitable resort and casino in the history of the gaming industry.”
Only Genting Group, the owners of Resorts World Sentosa, could compete on such a grand scale.
Sheldon Adelson’s Cancer Battle
Las Vegas Sands is facing a serious issue of an entirely different nature: CEO Sheldon Adelson is battling non-Hodgkin Lymphoma. A cancer battle is never a good thing, but it is particularly problematic for a 85-year old who has shown signs of declining health in recent years.
Sheldon Adelson was supposed to give testimony during a Las Vegas lawsuit this week, but his lawyer said he could not attend due to lingering effects of cancer treatments. It led to a wave of speculation that Adelson had not handling duties for Las Vegas Sands in two-and-a-half months, which itself required a press release by LVS to contradict those rumors.
Some speculated Adelson’s ailments were played up for the Nevada judge, so the octogenarian did not have to testify in court. Those rumors were belied by the fact LVS issued a statement that its CEO and founder was well enough to handle day-to-day business. Those reports were further undermined when Las Vegas Sands came to a settlement with Richard Suen after 15 long years of court battles. Terms of the settlement were not released, but an SEC filing showed the deal was complete.
“Go big or go home” says the gambler seated beside you at the blackjack table. Everyone knows the odds in a casino are against the player, so you’re both probably trying different tricks to win.
Some, like counting cards in your mind, are legal. However, most of the other ways you can think of are probably against the law.
The Casino Control Act (CCA) contains most of the casino-related offences you could get fined or jailed for. You may also be charged under other laws such as the Penal Code or the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSCA).
What People have Gotten Caught for
8 not-so-lucky ways gamblers have tried to win more at casinos but got themselves arrested, fined or jailed instead are:
1. Sneaking in bets after the dealer reveals the result (also known as past-posting)
In July 2015, a 23-year old man tried to bet $500 after the dealer revealed the winning result of a Sic-Bo game at the Marina Bay Sands (MBS) Casino. He stood to win $25,000 if he was not caught.
However, the dealer caught the man and alerted the pit manager. The CCTV also recorded the past-posting.
He was sentenced to 4 weeks’ jail for cheating at play under the CCA.
2. Swapping cards
4 Turkish tourists won $6,075 while playing Three Card Poker in August 2015 by tricking the dealer at the Resorts World Sentosa (RWS) Casino.
One tourist distracted the dealer and another blocked the other patrons’ view so the remaining 2 conspirators could exchange cards under the table.
The dealer did not discover what they were doing. However, the RWS surveillance team picked up on their tricks on CCTV. The tourists were sentenced to between 12 weeks’ and 6 months’ jail for cheating at play.
3. Taking advantage of a system error to obtain more free credits
3 MBS loyalty programme members took advantage of a system glitch to obtain free play credits, which they used to win about $875,133 from electronic roulette machines.
One of them was redeeming her loyalty Sands Bonus Dollars for free play credits when she discovered the glitch. Her redemptions were not recorded because of the glitch and she repeatedly used the glitch to obtain more free play credits.
Instead of informing MBS, she told the other 2 loyalty programme members how to do the same. Together, they obtained $1.029 million worth of free credits from the glitch. They either kept their winnings, transferred their winnings to others or converted them into gaming chips.
Their exploits were later discovered by MBS. They were charged under the CDSCA and sentenced to between 12 to 26 months’ jail. They also agreed to return the $875,133 to MBS.
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4. Stealing a playing card machine to photograph the cards’ sequence
In May 2013, 13 Thai nationals stole a baccarat playing card machine from MBS. They crowded around the cabinet holding the card machines and brought it to their hotel room, where they laid out and photographed the cards in sequence. They then replaced the cards in sequence and put the playing card machine back in the cabinet.
The next day, they played baccarat at the same table as the stolen card machine and won about $1.372 million in 3 hours. Casino staff caught on their scheme after the Thai nationals’ actions were recorded on CCTV. They were sentenced to between 12.75 months and 17.25 months jail under the CCA.
5. Making under-the-table deals with the dealer to see the last card in the deck
A Singaporean befriended 3 RWS croupiers and colluded with them to cheat RWS of $12,915 between May and July 2015. While playing Three Card Poker, the dealers flashed the last card in the deck to the gambler in exchange for 20% of his winnings.
The scheme was exposed by CCTV footage which showed the 3 dealers showing the last card in the deck to the gambler.
The gambler was jailed for 12 months. 2 of the dealers were sentenced to 4 and 8 months’ jail. The last dealer is on the run.
6. Making under-the-table deals with the dealer to get paid extra chips
2 Chinese students were jailed for 8 and 15 weeks respectively under the CCA for making under-the-table deals with an MBS baccarat dealer between April and May 2016.
The dealer would either overpay their winning bets or not take in the losing bets. At times, the dealer even paid out on losing bets. The dealer would also hand the students extra chips when they were going to convert the chips to cash.
Their scheme obtained them about $19,700. After the chips were converted to cash, they would meet in the MBS hotel toilets to split the money. The dealer was said to be the mastermind and jailed for 8 months and 12 weeks under the Penal Code and the CCA. The 3 of them also paid $20,275 back to MBS.
7. Convincing other players at the table they have lost
In December 2015, 4 men and 2 women from China were charged with cheating at play under the CCA. What they did was to convince other players at the MBS and RWS baccarat tables that these players had lost their bets. They then pocketed their victims’ chips.
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They reportedly cheated victims of about $700 worth of chips. The 6 suspects were also believed to have cheated other casino patrons by pretending to help them place bets.
8. Using smartphones to record jackpot machines’ play patterns
A Czech national and 2 Russians won $108,995 from the jackpot machines (also known as slot machines) at MBS and RWS over 3 days in May 2016 by using their smartphones to film the jackpot machines’ play patterns.
They later uploaded the recordings to a server to predict the jackpot machines’ mass payouts. The predictions were sent back to the players’ smartphones to alert them of the mass payouts.
They were part of a Russian syndicate which paid players 10% of the winnings. All 3 were charged with cheating at play under the CCA. The Czech national was jailed for 22 months. The 2 Russians were sentenced to 45 and 30 months’ jail respectively.
The 45-month jail sentence was later reduced on appeal to 38 months after the courts introduced and applied new sentencing guidelines for the offence of cheating at play.
Other Casino Offences
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Other illegal behaviour under the CCA include:
- Putting fake coins into a jackpot or slot machine
- Making fake chips or chip purchase vouchers
- Using any device to count or record the cards dealt
- Carrying, selling, or buying fake chips to use as real chips (and the use of such fake chips)
- Carrying or using tampered cards or dice
- Carrying or using anything which could interfere with the casino’s games
- Tricking the dealer to get more money
- Pretending to be casino staff
While the UK Supreme Court has held in a lawsuit against Genting Casinos that edge-sorting by a gambler himself will be considered cheating, it remains to be seen whether Singapore will take the same approach.
Casino Control Act Punishments
Depending on which CCA offence you have been suspected of committing, you can be arrested without a warrant and jailed for up to 7 years, fined up to $150,000, or both.
Marina Bay Sands Expansion
At the very least, the CCA empowers Singapore casinos to detain you until the police arrives if they suspect you cheated. We don’t imagine that’s an enjoyable way to spend a free day.