The rating agency believes the rebound will be driven by increasing foreign visitors.
Singapore.- Analysts at Fitch Ratings have predicted that Singapore’s gaming revenue could grow by as much as 10 per cent in 2024. In the latest Global Gaming Outlook 2024 report, The rating agency notes that it expects Singapore revenue to be driven by increasing foreign visitors in 2024.
In October 2023 arrivals were at around 25 per cent below 2019. Singapore is already performing “above expectations” with gaming revenues 15 per cent higher than pre-Covid levels this year.
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The report said: “In particular, arrivals from mainland China are still well below pre-pandemic levels, despite improvements since the reopening. Market leader Marina Bay Sands has opened around 1,200 renovated rooms in the first nine months of 2023 and Genting Singapore, has extended credit to customers over 2023.”
Singapore’s two-resort casinos are Resorts World Sentosa, run by Genting Singapore, and Marina Bay Sands, run by a unit of Las Vegas Sands Corp.