Singapore’s duopoly casino market to experience 10% year-on-year growth in gaming revenue in 2024

According to Fitch Ratings Inc., the duopoly casino sector in Singapore is expected to grow by 10% annually in US dollars in 2024, after recovering in 2023 to levels that were over 15% higher than those before the pandemic. The analysis indicates that a spike in foreign visitors is responsible for the anticipated income gain; arrivals in October 2023 will be around 25% less than in October 2019.

Fitch reports that Singapore is doing better than expected and that its clientele is growing outside of China. Even with the reopening, mainland China arrivals are still lower than before the outbreak.

Singapore’s two-resort casino sector is made up of Resorts World Sentosa, which is managed by Genting Singapore Ltd., and Marina Bay Sands, which is administered by a division of Las Vegas Sands Corp. Fitch mentions the market leader Marina Bay Sands’ 2023 consumer credit extension and Genting Singapore’s introduction of renovated rooms.

The single-resort casino operated by Genting Malaysia Bhd at Resorts World Genting is expected to recover more slowly in Malaysia, according to Fitch. It is anticipated that revenue will grow by 9% annually in 2024, driven by a consistent rise in both domestic and foreign tourism, as well as the anticipated restoration of an access road by the first half of the year. In December 2022, a massive landslide devastated a route that served the Genting Highlands region.

In 2024, Fitch anticipates a rise in Macau’s tourist traffic, despite a weaker Chinese economy. The letter claims that COVID-19 restrictions were lifted in January 2023 and that mass-market baccarat revenue reached 97% of 2019 levels in the third quarter of 2023 due to a steady rise in aircraft travel.

According to Fitch, total gaming revenue in 2024—including VIP revenue—will be 79% of 2019 levels. Nonetheless, it does convey investors’ concerns from North America on political and legislative changes in Macau, including the rewriting of VIP limits.

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Original story by: GGRAsia