Singapore GGR to reach US$4.4bn in 2023, analysts say
Singapore’s gross gaming revenue may beat pre-pandemic levels due to wealthy visitors storing excess cash in the country.
Singapore.- Morgan Stanley Asia Ltd has predicted that Singapore’s GGR may reach US$4.4bn in 2023 and US$5.2bn in 2024. That compares to a peak of US$4.6bn in 2018.
The institution believes that as more affluent Asians move to Singapore, the country’s GGR could surpass its previous peak in 2024 and 2025, with mass and slot revenue contributing more. Gaming industry earnings before interest, taxes, depreciation, and amortisation (EBITDA) is expected to reach SGD3.18bn (US$2.44bn) this year and grow to SGD3.74bn in 2024.
Analysts also expect to see the benefits of Chinese tourists coming back to Singapore in the first and second quarters of 2023, with international visitor arrivals for 2023 predicted to double, to between 12 million and 14 million.
Analysts believe Resorts World Sentosa, the casino resort operated by Genting Singapore Ltd, could report annualised EBITDA of US$1.1bn for 2022 and a 10 per cent quarter-on-quarter increase in its fourth quarter EBITDA.