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08 January 2013
It was a perfect day with http://www.neonworkshops.com/ in Wakefield, West Yorkshire combining our love of glass with neon lighting. We were educated by Richard Wheater and Julia Bickerstaff
(http://www.richardwheater.com - http://www.neoncraft.co.uk)
who inspired us with the history of neon and kept us mesmorised with their ability to sculpt glass tubing and intricately work each gas required with scientific expertise into the ideas we each designed for the day.
The workshops are an absolute bargain and so very worthwhile. Most of us had no experience in working with glass at all so it was incredibly eye-opening.
Take a look at our dare devil inspiring day, we chose the "One Day Intensive" course where we all walked away with a piece of neon for ourselves...
The perfect start to 2013.
Chrissie having a go with glass bending
Richard working his magic
and then there was light...
Chrissie's "zzz" - a homage to sleeeeeep!
In my last blog I was saying how we are often really touched by the reasons people chose particular pieces and what part of your journey our little pieces become a part of in your lives…. Recently we were privileged to find out more about Angela's idea for one of our little Personalized Miniature Tokens. She wanted to link their family together… and this is the story.
Christina writes thoughts on the intention of our work and her passion to encourage deeper connectivity and engagement in people's every day life.
If you are a creative type or good with your hands, it can be really satisfying to make something that feels exactly right to give to someone. On the other hand, if you are no such person but you still want the chance to make something personal that fits the bill we have selected some of our favourite Personalised Frames to show you...
We have handpicked some some of our favourite gifts for the bride and groom just for you!
Remember My Baby is a UK based Charity that provides parents with professional photographs of their baby that has died before, during or shortly after birth. The families are able to have pictures of their baby to help them through the most devastating grieving process any person could face.
A few weeks ago Alison Bryan one of the founders of the charity got in touch with us to ask us to create some Miniature Tokens to thank their fundraisers.
We were really touched by the idea of this charity when we heard about what they are doing to help families, and indeed being involved, is an honour. We were very keen to find out more and to spread the word so people are more aware of what they have to offer.
I asked Alison about this amazing organisation that she and her colleagues set up...


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Butterflies of Scotland
- Ringlet (Aphantopus hyperantus)
With its wings edged in silvery white and its distinctive ringed eye spots under the wings, the Ringlet is easily recognised, despite its overall brown colour. These small circles on the underwings, which give the butterfly its name, vary in number and size and may be enlarged and elongated or reduced to small white spots and occasionally they lack the black ring. The eye spots apparently confuse predators as to the position of its body.
The upper sides of the wings are a sooty brown with small black eyespots (see graphic below). The upper wings of males are darker than those of females. Wingspan is from 4.5 to 5 centimetres.
The Ringlet can be seen from late June to mid-August, flitting across fields of grass. It is one of the few butterflies that flies in dull and overcast weather. With many butterflies in decline, it is good to see that the Ringlet is being found in an increasing number of areas. They are found in wet, grassy plces such as fields, ditchesand motorway embankments. Its life-span as butterfly is just two weeks; the Ringlet caterpillars on the other hand live for 11 months, feeding on grass t night. The eggs are dropped at random onto grasses by the female while she is in flight.
Return to the Butterfly Index>
or go to the next Butterfly: Scotch Argus.
Where else would you like to go in Scotland?
Scottie's Diary>
All Features Index>
Search This Site>
Scottish Pictorial Calendar 2014>
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I cringed as I walked throughout the dark, cavernous sepulcher – a sepulcher so distant, so dank, and so desolate, that it seemed to be on the edge of nowhere. Succinctly put, the place was anything but hospitable – a place as ugly and cold as I had ever known. If I were to say that my senses were assaulted, that would be, quite simply, fallacious. Actually, it was the extreme absence of any sensory input – a kind of sensory deprivation, if you will – that marked this place. No, I didn't like this place at all. All I wanted to do was to leave, to abscond out the entrance from whence I came, but somehow I was constrained to stay. A morbid fascination had consumed me.
Carefully, I listened as I walked through the vast expanse. There was no sound – no creatures scurrying, no resonance from water droplets falling, and no cavernous echoes from my footsteps. I became disturbed. Intentionally, I slapped my feet on the ground to see if I could elicit a sound. No sound was heard. I shouted out. Silence.
Quickly I turned and looked around. Thick and impenetrable, the darkness surrounded me like a black shroud. I could no more see the hand in front of my face than I could hear my own voice. "What is this horrible place?" I thought to myself. My thoughts dissipated as quickly as they had come. Only then did I start to see them.
To say, "I saw" them would be a misnomer. In truth, I only had an awareness of their presence, a rudimentary sense of their being: the bones.
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This place, this catacomb, I decided was awful and cruel. It sucked everything in – every word, every thought, and every sight – but was never satiated. It consumed without distinction, without apparent regard for the consequences. It was desperate, and ravenous…and pitiful.
"Why am I here?" I shouted at the top of my lungs. "Why have you shown me this?"
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But then the answer came. Still and small, the Spirit's voice spoke to me.
"This was your soul before you knew me."
In an instant, everything seemed to fade away, and I awoke in my bed. Still and quiet, I prayed. The lesson was apparent to me. I had become so consumed with my life, so entrenched in the simple daily act of being, that I neglected the still, small voice that I had once listened to, and the King to whom I had once submitted my will. I had become ravenous for the things of the world and had taken for granted the sacrifice that was laid down for me.
A deep appreciation came upon my soul that day, an appreciation for the washing of regeneration and the spiritual birth, for the grace that set me free from my tortuous solitude, and for the patience and loving kindness of an omniscient Creator. With God's grace, I would not take that for granted again.
John Hunt lives near Chicago, Illinois, with his wife of ten years and three children. He is the author of the novel, In The Image of the Beast and the children's book, The Mistaken Stone, both of which are awaiting publication. You may contact John through the Letters page of this magazine.
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Mint condition spacious 2 story w/upgraded bamboo flrs in great room & formal dining, upgraded kitchen cabinets w/ SS appliances, eating nook w/bay window & pantry, high tiled breakfast bar, 9 ft ceilings, main floor laundry w/storage large master w vaulted ceilings & walk-in closet & large multi purpose loft w/new carpet throughout. Wonderful schools and neighborhood w/ convenient location to 192nd Ave & Hwy 14.
† Excluded Feature
See complete school information
3711 SE 191ST AVE, Vancouver, WA, 98683 is a Single Family Home for sale at $324,900 with 1,859 sqft and a lot size of 0.0600 Acre(s). 3711 SE 191ST AVE has 3 bedrooms, 2.1 baths, and was built in 2005. The property's zip code is 98683 which is in Vancouver, WA
Based on 20.00 % down and a 4.13 % financing rate
Includes Mortage, Insurance, and Tax payments
Information deemed reliable but not guaranteed.
The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS™ of Portland, Oregon. Real Estate listings held by brokerage firms (licensees) other than Weichert Realtors are marked with the RMLS™ logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2015 RMLS™, Portland, Oregon.
The information being provided is for consumers' personal, non-commercial use and may not be reproduced or redistribute. Its sole purpose is to be used for no other purpose than to identify prospective properties consumers may be interested in purchasing and the data is deemed reliable but is not guaranteed accurate by RMLS™, Portland, Oregon.
Data is updated as of 11/16/2018 11/14/2018 07:50 AM UTC.
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What a time to be planning room layouts! Throughout stays for academic purposes, no residence permits for other functions may be granted or renewed. Nevertheless it does not must be both-or. Schooling should put together young folks for all times, work and citizenship. Copying underneath one of the particular licences the University pays for, as do many different academic institutions in New Zealand, that let you copy greater than the academic provisions do.
Forty-one p.c of respondents said that they spent up to 10% of their classroom time using digital gadgets for non-educational functions, and another 20% reported spending between eleven% and 20% of sophistication time on their gadgets. Solely three% said they do not use a tool during class for non-class-related activities on a typical day.
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The Committee has amended the first of the criteria to be considered—the purpose and character of the useâ€â€"to state explicitly that this issue features a consideration of whether such use is of a commercial nature or is for non-profit academic purposes.†This modification just isn't intended to be interpreted as any sort of not-for-profit limitation on academic makes use of of copyrighted works. It is an specific recognition that, as below the present law, the business or non-revenue character of an exercise, while not conclusive with respect to truthful use, can and should be weighed along with other factors in fair use decisions.


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This event has free parking for everyone & kids under 12 get in free.


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We've cycled on... to newer destinations!
For the latest events and updates, visit:
Mumbai Randonneurs brings together cyclists who wish to prepare/train for hypermiler cycling events. Mumbai Randonneurs organises brevets (self-supported long-distance endurance cycling rides) to gear up people for the Paris-Brest-Paris event in France (the next one will be in August 2015).
Upcoming Events:
23 Sep '12: 100+ km Populaire
6 Oct '12: BRM-300 Mumbai-Pune-Mumbai
Past Events:
BRM-200 (The Merry Monsoon Ride!) 12 Aug 2012 Mumbai-Charoti-Mumbai
BRM-600 (Life's a Beach!) 11 Feb 2012 Mumbai-Goa
BRM-400 (Round The Bend!). 14 Jan 2012. Thane-Kalyan-Malshej Ghat-Aale Phata-Sangamner-Sinnar-Nashik-Igatpuri-Kasara-Kalyan.
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Location: Mumbai
Members: 180
Latest Activity: Mar 18, 2017
Greetings!It is with great pride that we invite you to Symbiosis International University's biggest undergraduate festival, Sympulse 2013. The international annual college fest, hosted by Symbiosis…Continue
Started by Vishesh Sharma Jan 11, 2013.
have we posted a brevet calender for the year ?
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Transparent fragrance brands to check out
"If your perfumes are not made of natural ingredients, it's time to toss those babies OUT!"
Did you know that 60% of what you put on your skin gets absorbed into your blood stream? Something you may be surprised by is how harsh the chemicals in your perfumes are and the negative effects they can have on your body. Yes girl, I know you just glanced at the perfumes you have. If your perfumes are not made of natural ingredients, it's time to toss those babies OUT!
A study reported that common fragrances have over 24 chemicals that are known to cause allergy triggers such as headaches, dizziness, rashes, hyperpigmentation, coughing, vomiting or skin irritation. It's surprising that fragrances are allowed to use ingredients like this but what is even more surprising is that there's about 14 other ingredients that the average fragrance label doesn't mention (BTW this is permitted by the FDA). The only limitation fragrance companies have is that they cannot use banned substances when it comes to their ingredients.
One of the few disturbing ingredients in common fragrances is phthalates. This ingredient is also used in shower curtains and vinyl. This same ingredient is banned from being used in children's toys.
Just let that sink in...
And forget a colored fragrance. Octinoxate is the chemical used to artificially dye perfumes but it is more popularly known to be a hormone disruptor. Yes, a Hormone DIS-RUPTOR... AND About 75% of common fragrances contain hormone disruptors.
The current law does not require cosmetic products to be free of harmful ingredients but luckily there are companies that care and voluntarily use all natural and organic ingredients.
Ready to switch out your toxic perfume for an all natural perfume instead? Keep reading for our suggestions ;)
Skylar has a collection of Clean and Modern Scents that are unique, light, and never overpowering. All scents are natural, free of parabens and free of toxic chemicals. They are also hypoallergenic, skin-safe and non-irritating. Skylar makes their products through a cruelty-free approach and are never tested on animals. A proud vegan brand.
Clean is dedicated to producing an eco-friendly and eco-positive product. They use simple and sustainable all raw ingredients so that all you're left with is CLEAN. The product itself is presented in a luxurious yet sustainable packaging that is recyclable and is backed by a responsible solar powered manufacturing facility. The inks used in their products are non-toxic and water-based.
To guarantee this brands purity, they create each scent using only organic, wild crafted, supercritical (CO2) extracted & certified hexane free absolutes. Their raw materials are USDA organic certified. They produce the purest, safest products possible that are still sophisticated and complex. Their scents contain no synthetics or chemicals and each is created using only pure essential oils from organic, wildcrafted and sustainable sources such as non-GMO Vitamin E and a food grade preservation system that is 100% natural.
All ingredients in Goop's parfums are extracted from plants by steam or heat extraction, cold pressing, or carbon dioxide extraction. Common ingredients in Goop's products are non-GMO sugar cane alcohol, water, and Fruit Extract. These scents are sophisticated, sexy and complex with wildly original and non synthetic ingredients.
Pour le Monde natural eau de parfums work with your skins chemistry. This company believes that each individual's skin is different so the longevity and the spirit of the notes should smell and last differently. Pour le Monde is certified with the NPA Natural Seal. Products certified by NPA must have at least 95 percent natural ingredients or ingredients from natural sources, excluding water. NPA also requires 100 % natural fragrances and colorants.
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SINCE March, a strange skeletal figure has been scrambling to its feet at the corner of Cesar Chavez and Grand avenues. And even though this emergent creature won't be complete until August 2008 (by the current estimate), it's already clear this downtown-adjacent neighborhood of fast food and scruffy low-rise offices will never be the same.
For now the new site, bristling with rebar and heaped with dirt piles, is called Central Los Angeles Area New High School No. 9. When finished, this high school for the arts will wear a skin of metal, glass, stucco and concrete and sport a vaguely aeronautical 140-foot tower. It will not look like your father's high school, but it may resemble the spaceships he sketched on his Pee-Chee folder.
The school will cover 10 acres, and the most recent cost estimate is a cool $208 million. Clad in steel, that 140-foot tower (which will be inaccessible) will mirror the 156-foot bell tower at the Cathedral of Our Lady of the Angels across the 101 Freeway. The school library, also clad in steel, will be cone-shaped. Many of the windows will be round, like portholes. A pair of cranes will raise the tower and library in the next two months.


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More than twenty years in Machinery Condition Monitoring
Tavator Sepahan Co (TSC) is a leading Condition Monitoring services and instrumentations in the Iran. TSC services department provide machinery condition monitoring services across all sectors of the production and manufacturing industry, mainly oil, gas and petrochemicals, power generation, steel and cement productions. Our engineers and technicians are capable of delivering multiple condition monitoring technologies and corrective maintenance techniques.
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Run Out Detector
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All images and material cannot be reproduced without prior permission from EYC - 01322 332943 - email@example.com
Anchor Bay
Manor Road
01322 332943
Founded 1900
The perfect course for any young person who wants to learn how to sail a dinghy. Run over two days on the weekend or over four days in the school holidays, this beginners courses demonstrates how to rig and launch a sailing boat, perform easy and simple sailing manoeuvres and techniques to get you under way.
Land-based elements such as clothing, personal safety equipment, weather, rope work and tides support this course and provide essential background knowledge.
This course is run over four practical water-based sessions over a two days weekend. Courses taking up during the school holidays will run over four half-day sessions. This format allows enough time to complete all the water-based aspects of the course.
When you have completed your RYA Stage 1 Course, you will be able to join Erith Yacht Club as a Youth Member. This membership allows you to take part in the full programme of sailing and social activities including the Sunday Junior & Youth Sailing sessions.
When you book your sailing course, you will be provided with a Youth Membership Application form. All you need to do is complete the form with your course paperwork and you will become a member of EYC!
Take a look at the video showing one of the many sailing events that takes place throughout the year at the club.
Once you have completed your RYA Stage 1 Course, you are welcome to join us for one of the following sailing events / activities
To book a place on the RYA Stage 1 course, please complete and submit the form below. To use this facility, you will need to have an email address. Once completed, the course booking form will be sent through to your email address for completion. If you do not have an email address address, please contact us by either phone or why not come down and visit us on a Sunday when the club is open for a tour?
If you have any questions regarding the RYA Stage 1 course, please either complete the Contact Us form below and we will answer your question as quickly as possible. Alternatively email firstname.lastname@example.com.
Each water-based session is supported by various theory-based short sessions, which provide the essential background knowledge to the Stage 1 course.
Sailing Skills Covered:
Rigging and launching a dinghy
Crewing the boat and controlling the Jib sail
Helming controls and controlling the main sail
Tacking and gybing
Control speed, slowing down and stopping
Returning to shore and securing the boat
Harnessing the wind to make the most out of the sails
Theory Knowledge Covered:
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The Singapore gaming market was recently characterized by a financial analyst as "flatish and boring". Industry observers bemoan the lack of impetuses to get Singapore's casinos back on a strong growth track. But how real or sustained was the strong growth they yearn for?
Singapore's casino industry got off to a roaring start in 2010, accelerating from zero to over US$1.2 billion in quarterly revenue across two properties in the space of a few months. Then, almost as quickly as it ramped up, the business began to plateau, with market-wide revenue settling at US$5.85 billion in 2012 and registering a slight decline in the first quarter of this year.
The chart below shows quarterly revenue from the start of Singapore casino operations in 2010. The casino at Resorts World Sentosa, operated by Genting Singapore, opened its doors on the first day of Chinese New Year in 2010 (which fell on 14th February). Las Vegas Sands Corp's Marina Bay Sands commenced operations two months later on 27th April.
Source: Bloomberg and J.P. Morgan estimates
The 1Q 2010 Singapore gross gaming revenue tally was, therefore, generated by one property, in operation for only half the quarter, still working out the myriad kinks that manifest themselves following the opening of a market-first multibillion-dollar property. Thus, a big quarter-on-quarter revenue spurt going into 2Q 2010 was inevitable, as was an inflated year-on-year comparison by the time the 1Q 2011 figure came out.
The RWS casino hit its stride within a few months. The smart money was always on Genting getting off to a quick start, leveraging the considerable competitive insights and assets it had gained from operating a monopoly casino in Malaysia since 1970, including an intimate familiarity with the wants and needs of players from Malaysia and Singapore and an extensive base of customers—many of whom belong to its loyalty card program— in the region.
Though LVS had already gone through a tough but enlightening Asia-acclimatization process with Sands Macao and The Venetian Macao, the company's Macau lessons did not always serve it well in Singapore. The most notable rookie mistake LVS committed on arriving in the Lion City was transposing the games mix at its Macau properties to MBS. Unlike in Macau, where baccarat reigns supreme, roulette is predominant in Malaysia and Singapore, and the MBS main floor initially devoted too much precious floor space to card tables and too little to ones with wheels. But MBS soon spotted its mistake and moved quickly to reconfigure the floor. The market responded in kind, revenue at MBS spiked, and LVS started getting better acquainted with local tastes.
Source: Company data and J.P. Morgan estimates
RWS had started out with a convincing lead in the gaming revenue race thanks to its two-month opening head start and local knowledge and connections. Most believed the lead would endure for years, but MBS managed to overtake its entrenched rival by 2Q 2011, just a year out of the gate, and has maintained that lead up to now. That should perhaps have been the first hint that Singapore is a place where market dynamics can evolve rapidly, and saturation can occur quickly—especially when the industry concerned faces heavy regulation and suspicion, given its potential to damage the reputation of Singapore's lucrative financial services industry. After all, it's not the newly created dealer or hotel jobs at the integrated resorts that give Singapore the densest population of millionaire households in the world. By contrast, in gaming-dominated Macau, the casino boom has been a major factor behind the near-tripling of the city's median salary within a decade to US$1,500 per month (as of 1Q 2013), though it has also hindered the diversification of the economy.
Although Singapore registered lofty year-on-year gaming revenue growth rates in the second and third quarters of 2011, the second-quarter comparison is an unfair one because MBS was only open for two full months in the same quarter of the previous year. Even the 3Q year-ago base is compromised because at the time both IRs were still ramping up and finding their way in a new market. In all subsequent quarters, from 4Q 2011 onwards, year-on-year growth has only climbed as high as about 10% while overall market revenue has even contracted in two of the more recent quarters, including a slight dip in the first quarter of 2013 and a precipitous decline of more than 20% in 3Q 2012.
Singapore's casino industry has simply never sustained (over a year rather than an isolated quarter) Macau-scale growth against a properly established base of comparison. That doesn't mean it isn't a great investment for the two operators who got in, because even though they are capacity constrained—it's unlikely they will be allowed to significantly expand their casinos in the foreseeable future—the duopoly arrangement conferred by the government's commitment to not license any new casinos until at least 2017 has made the two IRs among the most profitable such properties in the world.
Source: Company data and J.P. Morgan estimates
MBS turned in adjusted earnings before interest, taxes, depreciation and amortization of US$397 million in the first quarter of this year, though adjusted for luck it would have been $451 million. RWS had a disappointing first quarter, with EBITDA declining 33% year on year to S$250 million (US$198 million), though this was largely the result of a very low VIP win rate of 2.12% (versus theoretical of 2.85%). Adjusted for luck, EBITDA would have been around S$400 million.
Both properties have experienced significant fluctuation in their VIP win rate from quarter to quarter, as shown in the following table, and while it was Resorts World that took a hit in the latest quarter, it was MBS that suffered bad luck in the quarter before.
Though VIP revenue constitutes a much smaller proportion of overall gaming revenue in Singapore than in Macau, both MBS and RWS rely on a relatively small number of big whales to drive their high-roller businesses, leading to greater volatility, whereas Macau's casinos have a much larger pool of VIPs providing sufficient liquidity to avoid regularly deviating too far from theoretical win.
Singapore's casino industry has simply never sustained (over a year rather than an isolated quarter) Macau-scale growth against a properly established base of comparison.
The reason for the limited supply of VIP players in Singapore, of course, is that Macau-style junkets are barred from plying their trade in the Lion City. These junkets recruit players from mainland China—the world's richest repository of high-rolling gamblers—and bring them to casinos in Macau. The junkets provide the vital functions of extending credit to the players and then collecting debts back on the mainland. The VIPs would be unable to gamble in Macau without credit from the junkets, owing to the Chinese government's restrictions on its citizens taking money out of the country. The other consideration is that gambling debts are not legally enforceable in China, so casinos that extend credit themselves to mainland customers have no recourse to pursue errant debtors through Chinese courts.
The junkets currently active in Macau would gladly work with Singapore's casinos in order to offer their clientele a greater choice of venue and also potentially to partake in the greater incentives enabled by the city-state's much lower tax rate on VIP play—12%, which includes 5% on the gross and 7% goods and services tax, versus 40% on the gross in Macau. But the Singapore government, understandably wary of junkets and their reputed links to Chinese organized crime groups, has chosen to keep them out. Singapore's fastidious Casino Regulatory Authority has so far licensed only three junkets, none of them active in Macau or apparently involved in any of the traditional junket activities beyond marketing to players. Known locally as "international marketing agents," the three approved groups all work exclusively with RWS, and by most accounts do not bring in much business to the property.
Marina Bay Sands turned in adjusted earnings beforeinterest, taxes, depreciation and amortizationof US$397 million in the first quarter of this year, thoughadjusted for luck it would have been $451 million.
Even without junkets, however, mainland Chinese players account for about half the rolling chip volume at both MBS and RWS. Not surprisingly, this has led to the IRs being saddled with relatively high impairment charges and provisions for bad debts. The Singapore government has not given any indication that it will loosen restrictions on junket operators, and if anything is scheduled to impose stricter regulations covering VIP gaming this year, such as requiring players to draw down their entire qualifying deposit of S$100,000 before credit can be extended to them and imposing higher fines on international marketing agents for regulatory violations.
Source: Company data and J.P. Morgan estimates
Source: Company data and J.P. Morgan estimates
Despite these challenges, the outlook for the VIP sector appears decidedly more robust than that of the mass market. "The mass market story continues to be soft, and we believe will remain so for the foreseeable future," says analyst Grant Govertsen at Union Gaming Research Macau. While Mr Govertsen does see room for margin improvement in the mass segment, he believes the casinos' current efforts to acquire more premium-mass customers will have little near-term impact. As he explains, "With the local Singaporean market essentially maxed out, the focus on Malaysia and Indonesia continues—however, we believe that a significant portion of the high-value customers are likely already penetrated."
Whereas Macau is acknowledged to have only served the tip of the iceberg of available gaming demand from mainland China, given the constraints placed on gaming growth in Singapore by government policy and directives, the latter market has already achieved a fair degree of penetration. The city-state's government is also highly unlikely to soften its stance on these issues any time soon, from the casino entry levy on residents and injunctions on marketing to locals, to the effective ban on junkets and the reluctance to either allow the existing operators to expand their capacity or let new ones in. If anything, the government's latest comments and initiatives suggest policy risk is on the downside.
Still, with annual hold-adjusted EBITDA at both Resorts World Sentosa and Marina Bay Sands hovering well above the billion-dollar mark, it's not such a bad place for a casino operator to be. In the latest quarter, the US$5.7 billion MBS recorded in adjusted EBITDA is more than three times greater than that of Las Vegas Sands' newest Macau property, the US$4.2 billion Sands Cotai Central, even though the former had suffered an unlucky quarter in the VIP sector, while the latter had a lucky one. So if return on investment is a key consideration in assessing a property's success, Singapore's plateau could arguably have Macau's growth beat.
Positive Exchange
The arrival of casinos in Singapore has coincided with a steady appreciation of the local currency
The Singapore-listed operating entity of Resorts World Sentosa, Genting Singapore, reports its financial results in Singapore dollars, while Marina Bay Sands parent Las Vegas Sands reports in US dollars. With business at both IRs transacted in the local currency, LVS has enjoyed a significant windfall from the steady appreciation of the Singapore dollar against the US over the past three years.
In early 2010, just before the IRs opened, the Singapore dollar dipped to almost US$0.70. The Singapore dollar is now worth about 80% of the value of its US counterpart. In the first quarter of 2013, one Singapore dollar ranged from buying as much as 0.82 US dollars, to as little as 0.80. The US dollar conversion gain alone at 0.8 versus 0.7 is 14%
Source: Company data and J.P. Morgan estimates
Though there were clearly other more substantial drivers behind the pick-up in Singapore's economy—the mainstays of which are manufacturing and financial services—since 2010 and the subsequent appreciation of the local currency, the casinos do appear to have made at least some contribution. Gaming is increasingly mentioned as one of the Lion City's emerging industries, along with health care, education, information and communications technology and media.
The Singapore dollar has been gently trending down over the past two months, reaching S$1=US$0.79 at the end of May. The Singapore dollar's dip reflects a mild economic slowdown, with GDP having contracted 0.6% year on year in the first quarter compared to a 1.5% increase in the fourth quarter of 2012.
The casino at Resorts World Sentosa has developeda string of big-budget family-friend attractions,including a Universal Studios theme park and the world'slargest indoor aquarium.
According to the most recent estimates provided by Singapore's Trade and Industry Ministry, the weak 1Q economic performance was mainly the result of a contraction in the manufacturing sector, particularly within the biomedical segment. Manufacturing, which accounts for one-quarter of GDP, declined 6.5% year on year. Meanwhile, the services sector, which accounts for well over 70% of GDP and includes finance, gaming and tourism, grew 1.2% year on year.
The Singapore government's primary proclaimed objective in legalizing casinos through the passage of the Casino Control Act in 2006 was to boost the Lion City's flagging tourism industry. The two IRs built around the casinos have delivered on that goal.
The casino at RWS has developed a string of big-budget family-friend attractions, including a Universal Studios theme park and the world's largest indoor aquarium. MBS, meanwhile, is an instantly recognizable structure that has come to define the Singapore skyline for many people. As one Singapore-based gaming analyst told Inside Asian Gaming, "It is very much an iconic attraction for people coming from all around the world. When you're in the airport bookshops looking at the books on Singapore, I'd say 70% of them have Marina Bay Sands on the front cover." Singapore's tourist arrivals surged 20% year on year in 2010 to a record 11.6 million, following declines of 2% in 2008 and 4% in 2009 (notably, as the tourism slump reached its nadir in 2009, the local currency briefly traded below S$1=US$0.65). And while the casinos can't take all the credit for the revival of Singapore's tourism industry that has followed in the wake of their opening, the IRs undeniably serve as magnets for foreign visitors and have continued investing in and unveiling new attractions, helping visitor arrivals grow a further 13% in 2011 to 13.2 million and 9% in 2012 to 14.4 million.
The IRs have also benefited from the tourist influx of the past three years. While Resorts World saw gaming revenue slump in the first quarter on the back of a very low VIP win rate, non-gaming revenue rose 17% year on year, with the recently unveiled Marine Life Park attracting 7,400 visitors a day, and Universal Studios Singapore recording average daily visitation of 8,400. The property's hotels had a 92% occupancy rate in the quarter at an average room rate of S$404.
At Marina Bay Sands, the hotel and shopping mall segments of the property saw year-on-year revenue growth of 9.7% and 6.7%, respectively, with room occupancy at 98.5% and the average daily room rate climbing to US$378 (S$472).
Although the Singapore Tourism Board is warning of an impending decline in arrivals, it appears both Marina Bay Sands and Resorts World Sentosa have established themselves as preferred destinations for better-heeled visitors to the city and especially those seeking premium dining and entertainment experiences.


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