Las Vegas Sands this week reported that at its Marina Bay Sands resort VIP volume for the second quarter of 2016 decreased by 29 percent, but a 0.7 point increase in VIP along with a 6 percent rise in slots handle offset the drop.

Marina Bay Sands also reported a decline of 10 percent year-on-year in mass table volume. In a note, Union Gaming analyst Grant Govertsen said, “This represented the first y/y decline in mass table GGR on a constant currency basis at MBS since 2012,” adding, “Given that MBS generally outperforms Genting’s Resorts World Sentosa, we have to assume that RWS is likely to experience mass market softness in 2Q16 as well, according to CalvinAyre.

Second quarter estimates for 2016 have been lowered by Union Gaming analysts for Genting Singapore after 16Q2 gaming trends were reviewed via the Sands’ Marina Bay Sands results. Union Gaming said, “We have adjusted our gaming expectations for RWS downward to reflect similar trends as MBS. Our VIP volume expectations go to -30 percent year-on-year (from -26 percent) and our mass / slots volume goes to -7 percent year-on-year (from +2 percent),” according to the report. The boutique investment bank says that its 16Q2 property-level earnings before interest, tax, depreciation and amortization (EBITDA) estimate, has been adjusted to S$199 million (US$146.4 million). The adjusted figure is 7 percent lower than the previous estimates.

In 16Q2, revenue of US$710.1 was generated by Marina Bay Sands, which is down 0.4 percent year-on-year. Three hundred and fifty-seven million was the adjusted property EBITDA, down from last years $363.3 million. And in the second quarter, rolling chip volume was $6.7 billion a 29.1 percent decline year-on-year.

In a press release, Las Vegas Sands said, “While gaming volumes in Singapore were softer during the quarter, solid growth in slot revenues and the continued resilience of room rates and mall revenues, contributed to an adjusted property EBITDA figure of US$357.0 million, down 1.7 percent compared to the same quarter last year,” according to the news agency.

Also noted by Union Gaming, adding to the estimate revisions for 16Q2, it is also lowering its EBITDA estimates for 2016 to S$842 million and 2017 to S$962 million.