Singapore reports low casino revenue

singapore

The board reported that entertainment, sightseeing and gaming revenue fell 16 percent year-on-year.

The tourism board data concluded that Singapore didn’t experience a good 2016.

Singapore.- The Singapore Tourism Board released a report on Tuesday where they disclose that the city-state went through a year-on-year decline over a lower gaming revenue of integrated resorts.

The board reported that entertainment, sightseeing and gaming revenue fell 16 percent year-on-year during the first three quarters of 2016, even if the city reported a 7.7 percent year-on-year growth of international tourists in the city. Overall, Singapore’s tourism grew almost 17 percent in 2016. When the Asian territory decided to open two casinos back in 2010, it had in mind that it would boost the gross domestic product, along with the tourism receipts in general.

Earlier this month, rating agency Fitch Ratings reported that gaming revenues will likely stay flat in 2017. According to the company, the VIP segment remains weak, and they expect a US$4 billion revenue in Singapore. Fitch believes that the country’s two casinos will face a significant competition from the Philippines, especially since Okada Manila opened its doors this week, and Macau, the biggest gaming territory in the area.