Singapore Casino Revenue to Rise by 75% in 2022
Fitch Ratings Inc. predicts that Singapore's casino revenue will recover in 2022 by 75% of the revenue earned in 2019. This is much higher compared to the 50% recovery that has been seen this year.
Marina Bay Sands (MBS) and Resorts Worlds Sentosa (RWS), Singapore's leading casinos, reported a total revenue earning of USD 3.35 billion in the year 2019. MBS' revenue earnings in 2019 was USD 2.17 Billion, and RWS' was USD 1.19 billion.
According to Fitch, Malaysia’s Casino revenue will also increase by 65% of the revenue pre-pandemic. The increase in expected revenue is likely due to the irrepressible domestic demand for casino games.
Malaysia is the home to Resorts World Sentosa, operated by Genting Malaysia. In 2019, the company's leisure and hospitality revenue, inclusive of gaming, amounted to USD 1.68 billion.
According to Fitch, the key “factors for the recovery expectations for Singapore and Malaysia are the transition to living with the coronavirus and the expectation of progressive relaxation of movement and border restrictions that we expect to continue into 2022.”
According to Singapore’s Ministry of Health, 85% of its total population and 95% of its total population eligible to receive the COVID-19 vaccine had received the two doses required for protection from the severe effects in the event of a COVID-19 infection.
From 29th November, Singapore will be opening its borders to Indonesia, a key tourist market for Singapore. Travelers from Indonesia will be allowed to enter Singapore with no Quarantine requirement. They must be fully vaccinated against COVID-19 and have a negative PCR test before departure and after their arrival.
On Tuesday, Malaysia's Ministry of Health reported that 76.6% of the country's population have received both doses of the COVID vaccine. It aims to re-open its borders to international travellers no later than 1st January.