The Singapore casinos are also struggling with the high-roller market. The same high maximum bets that attract the region's top gamblers to the city also create extreme volatility, which can be disconcerting to investors. "In any given month the VIP revenue is going to be determined by probably 50 players. In Macau that number is going to be determined by a few hundred players," said Robin Farley, a casino analyst at UBS.
Las Vegas Sands' Mr. Goldstein said in January that the business can be so concentrated in Singapore that the arrival of even just two more VIP players per quarter could have a large impact on the casino's performance.
Singapore's strict rules have also effectively blocked Macau-style junket operators from getting licensed there, further complicating business dealings, say casino and junket officials. Junket operators—which bring in wealthy gamblers from China, offer them credit and collect their debts—account for nearly two-thirds of Macau's gambling revenue.