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Singapore MICE market expected to grow to $6.97 billion by 2030

December 4, 2023 Singapore Casino & HotelIndustry Updates

According to Coherent Market Insights, a worldwide provider of market intelligence and consulting services, the MICE market in Singapore was estimated to be worth $3.82 billion in 2023 and is projected to grow to $6.97 billion by 2030. Between 2023 and 2030, the Singapore MICE sector is projected to develop at a compound annual growth rate (CAGR) of 9%.

Conferences account for more than 75% of Singapore’s market revenue, making them the market leader. The increasing popularity of conference events may be attributed to the developing trends in corporate activities and business travel in Singapore.

The report lists many drivers of the industry’s expansion, including the rise in business travel and events, the availability of large-scale event infrastructure, government support and initiatives, and strong international connections.

Owing to large investments in MICE made by Resorts World Sentosa and Marina Bay Sands (MBS), two gaming operators, Singapore now enjoys a casino duopoly that is expected to last until 2030.

Marina Bay Sands’ 2019 expansion plan included the construction of a fourth hotel tower with 1,000 suites to complement the current inventory of 2,561 rooms and suites, a 15,000-seat entertainment venue, and more MICE space.

Genting Singapore’s Resorts World Sentosa (RWS) has authorized a $5 billion expansion plan with the goal of becoming the resort Asia’s most sought-after travel destination.

Original story by: Asia Gaming Brief

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