Fitch Ratings revises GGR forecasts for Macau, Malaysia and Singapore
Analysts expect Macau’s casino gross gaming revenue for 2025 to reach 88 per cent of pre-pandemic levels.
Macau.- Analysts at Fitch Ratings have predicted that Macau’s gross gaming revenue (GGR) will be up 28 per cent in year-on-year terms in 2024 and will rise another 10 per cent in 2025. Using their 2024 estimate as a baseline, Fitch expects Macau’s 2025 GGR to reach MOP258bn (US$32.08bn).
That would represent 88 per cent of the city’s pre-pandemic GGR in 2019 (MOP292.46bn). Macau’s GGR for the first five months of 2024 was MOP$96.06bn (US$11.9bn), up 47.9 per cent year-on-year. In May, GGR was MOP20.19bn (US$2.51bn), an increase of 8.9 per cent month-on-month and 29.7 per cent when compared to May 2023.
Fitch has also adjusted its forecast for Malaysia’s GGR from 8 per cent to 2 per cent. Its forecast for 2025 has been adjusted upwards from 9 to 10 per cent. For Singapore, Fitch has lowered its growth forecast from 15 to 5 per cent for 2024 and from 4 to 3 per cent for 2025.
Singapore’s casino market is shared between Resorts World Sentosa, operated by Genting Singapore and Marina Bay Sands, managed by Las Vegas Sands Corp. According to a recent regulatory-risk report, market GGR was SG$5.26bn (US$3.87bn) in 2023.
