Fitch Ratings forecasts a 10% increase in Singapore's casino revenues in 2024
"We expect revenues to be driven by an increase in foreign visitors in 2024, as the number of arrivals in October 2023 was approximately 25% lower than in 2019. Singapore continues to outperform expectations, with customer growth diversifying beyond China," the agency noted. However, Fitch Ratings acknowledged that the number of tourists arriving from mainland China remains significantly below pre-pandemic levels.
Singapore's casino market is represented by two gaming establishments: Resorts World Sentosa, operated by Genting Singapore Ltd, and Marina Bay Sands, owned by Las Vegas Sands. Fitch analysts pointed out, "Market leader Marina Bay Sands opened around 1,200 renovated rooms in the first nine months of 2023, while Genting Singapore Ltd has been extending credit to customers throughout the year."
The ratings agency also analyzed the casino industry in Macau. Fitch Ratings predicts that visitor numbers to the region will increase in 2024, even amid a slowing Chinese economy. This growth will be supported by the recovery of airport capacity in Hong Kong and Macau, along with a continued rise in air travel.
Additionally, the Fitch Ratings report includes projections for Malaysia's sole casino, Resorts World Genting, managed by Genting Malaysia Bhd. The agency noted that revenues remain significantly below pre-pandemic levels, primarily due to adverse weather conditions. However, a 9% increase in gaming revenue is anticipated for 2024 compared to this year.
In related news, Las Vegas Sands is set to acquire shares in Sands China Ltd for nearly $2 billion.
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