SINGAPORE, May 17 -- Scalpers who once hoped to cash in big on Lady Gaga's Mayhem shows in Singapore are now quietly cutting their losses.

What began with a frenzy - overseas fans booking flights before tickets even dropped, and VIP resale listings hitting a jaw-dropping S$30,000 (RM100,000) - has cooled considerably.

With only one of four shows sold out, scalpers are now slashing prices, with some tickets being resold below retail.

According to 8days, on platforms like Carousell and Viagogo, a S$328 ticket has recently been spotted going for just S$280.

Even VIP packages, once hyped up as premium experiences, are now priced far closer to their original values.

Meanwhile, official platforms Ticketmaster, Klook and Krisflyer are still...