Singapore’s gaming industry is on track for significant growth, with expectations set for a 10% increase in gross gaming revenue (GGR) for the year 2024. This optimistic outlook comes on the heels of an impressive year that saw a probable 15% uptick in GGR, signaling a robust recovery for the sector.
The favorable forecast for the city-state’s gambling revenue was delivered by Fitch Ratings. The eminent credit rating agency has recognized the vigorous performance exhibited by the country’s two crown jewels in the integrated resort arena: Marina Bay Sands, operated by Las Vegas Sands, and Genting Singapore’s Resorts World Sentosa. Both establishments have bounced back with vigor, surpassing revenue figures from the time before the global health crisis.
The commendation from Fitch Ratings doesn’t just stem from the resorts’ financial recoveries. There is a particular note of their strategic pivot in attracting a more global spread of tourists, reducing their reliance on the formerly dominant Chinese market. Singapore’s travel landscape is changing, with a growing influx of international visitors from variance provenances—a shift that has largely contributed to the gaming industry’s resurgence.
In anticipation of flourishing tourism and gaming activities, both Marina Bay Sands and Resorts World Sentosa are undergoing extensive expansions. Among the upgrades, Marina Bay Sands is adding a significant 1,200 guest rooms, enhanced convention amenities, and a sprawling 15,000-seat entertainment arena. Such developments are pivotal, considering the Marina Bay Sands’ standing as one of the planet’s most lucrative casino-hotels and the fierce regional competition for tourist dollars.
Meanwhile, characterized by foresight, Fitch has turned a keen eye towards other Asian gaming powerhouses. Markets like Macau and Malaysia are expected to see GGR upticks similar to, or even surpassing, Singapore’s. These insights resonate deeply with Genting Bhd and Las Vegas Sands, who dominate in both regions through their respective subsidiaries, given that Macau, in particular, is anticipated to witness escalating visitation rates amidst economic turbulence in China.
Although the agency signaled a potential softening in various US regional casino markets and a subtle downturn in Las Vegas GGR, as spending may skew towards non-gaming pursuits, it’s abundantly clear that the overall gambling revenue horizon in Asia is shimmering with promise as we steer towards 2024.
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