Fitch Ratings has predicted that Singapore casino revenue could reach 75 per cent of pre-pandemic levels by 2022.
Singapore.- A report released by Fitch Ratings has forecast that Singapore’s casino revenue may reach around 75 per cent of 2019 levels in 2022. This year it has recovered to about 50 per cent from pre-pandemic levels.
According to data released by the two Singapore operators, based on the current exchange rate, their total gaming revenue in 2019 was approximately US$3.35bn. Resorts World Sentosa’s gaming revenue for the full year of 2019 was SG$1.62bn (US$1.19bn) while Marina Bay Sands’ revenue was slightly less than US$2.17bn.
Fitch said the living with Covid-19 policy and relaxation of travel restrictions will be key factors in the recovery expectations in Singapore and Malaysia.
The government of Singapore has recently announced it will launch a new travel bubble with Indonesia from November 29. Those who want to enter Singapore must be fully vaccinated against Covid-19 and will be not required to undergo quarantine. The announcement is similar to the one the government made a week ago when a travel bubble with Malaysia was announced.
According to analysts, the news was well received by the tourism market and the city-state’s two casino resorts, Marina Bay Sands, and Resorts World Sentosa as tourists from Indonesia are key consumers for Singapore’s gaming industry.