One bright spot, however, is that trade receivables have also fallen worldwide, which translate to reduced balance sheet risks. But Morgan Stanley analysts are cautious on Genting Singapore, which has been losing out to MBS; the latter has been gaining market share in the premium gaming segment since 2015. "We expect negative earnings revisions to continue, due to poor management of VIP business that resulted in high bad debts," Morgan Stanley analysts said. "Although the market may view overseas expansion positively in Japan and Jeju, we are bearish on legalisation of casinos in Japan and the ability to generate decent return on invested capital, and competition from Paradise City." Paradise City, the first integrated casino resort in Korea, is due to open in April next year. The report highlighted that VIP revenue at Genting and MBS fell 26 per cent year-on-year due to reduced credits.