Singapore Casinos Show Visitation Up, 2022 Numbers Indicate Recovery

March 22, 2022 Singapore Earnings & Filings Industry Updates

Singapore casinos are major beneficiaries of increased international travel into the island city-state, which is soaring in 2022 so far year-over-year.

The number of foreigners entering Singapore this year is surging, compared with early 2021. The Singapore Tourism Board (STB) reports that there were 57,000 international visitors in January and 67,760 more in February. The figures represent respective year-over-year increases of 273% and 144%.

These figures show there is healthy demand for short-term visits to Singapore,” explained Keith Tan, chief executive of the STB. “Travel recovery will be gradual this year, but we are cautiously optimistic as there is strong pent-up demand for travel to Singapore, even from longer-haul markets.”

Singapore has a duopoly on land-based casino gambling, held by Marina Bay Sands and Resorts World Sentosa. Marina Bay Sands is controlled by US-based gaming giant Las Vegas Sands. Resorts World Sentosa is controlled by a unit of Malaysian conglomerate Genting Group.

Vaxx Express Lanes Fueling Recovery
Last fall, Singapore deployed a program tailored towards returning international travelers. Known as Vaccinated Travel Lanes (VTLs), the scheme allows fully vaccinated travelers from certain countries to come and go without quarantines.

Tan says the program has been a success. The VTL arrangement was launched after Singapore’s population eclipsed the 80% vaccination rate milestone.