A new report estimates that the casino gaming revenues will stay flat in 2017.
Singapore.- The 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. Back in December 2015, the rating agency said that the outlook for the local casino gaming sector was stable, regardless the slowing economic growth and fewer tourist arrivals. “The anti-corruption crackdown in China, weaker Indonesian rupiah and softer regional economic growth have caused earnings to plateau,” stated the agency’s report.
Whilst in 2015 they didn’t predictt where the nation’s Government would grant any more licences to built new casinos, this time they stated that there’s a risk, even if it’s low, that Singapore will give away more gaming licenses, making the industry even more competitive.