Prominent credit ratings agency Fitch Ratings Incorporated has reportedly predicted that Singapore’s aggregated casino revenues for the whole of next year will likely hit around 75% of their 2019 levels at approximately $2.52 billion.
According to a report from GGRAsia, the New York-headquartered firm made the forecast on Tuesday via its 2022 Outlook: Global Gaming investigation while additionally estimating that the city-state is probably going to see its associated tally for this year come in at about $1.68 billion, which equates to some 50% of the pre-pandemic figure of just under $3.36 billion. The source detailed that Singapore currently operates a casino duopoly with Genting Malaysia Berhad’s seaside Resorts World Sentosa development as well as the three-tower Marina Bay Sands venue from Las Vegas Sands Corporation being the only properties where Las Vegas-style gambling is permitted.
Fitch Ratings Incorporated reportedly went even further by calculating that the casino industry in neighboring Malaysia will similarly recover next year to post a figure around 65% of the $2.38 billion seen for 2019 before the industry was decimated by the emergence of the coronavirus pandemic. The enterprise purportedly also declared that this revival will most likely be driven by ‘resilient domestic demand’ and far outpace the 25% sequential increase expected for this year.
The American agency reportedly pronounced that ‘key factors’ in the expected recoveries of the casino sectors in Singapore and Malaysia include ‘the transition to living with coronavirus’ in addition to ‘the progressive relaxation of movement and border restrictions.’ The latter nation, which is home to the mammoth Resorts World Genting casino resort, is purportedly set to allow tourists from the former to enter its territory from Monday so long as they have been vaccinated against coronavirus and can provide a negative test.
To further increase the optimism and Malaysia’s Ministry of Health reportedly divulged yesterday that 76.6% of the population had been fully vaccinated against coronavirus. This revelation purportedly came just days after the nation’s Prime Minister, Ismail Sabri Yaakob, unveiled an intention to fully open up to foreign travellers no later than the first day of January.
GGRAsia reported that Marina Bay Sands led the way in terms of aggregated 2019 gambling revenues for Singapore with a tally of roughly $2.17 billion although its rival Resorts World Sentosa still managed to pull in a very healthy $1.18 billion. The source moreover disclosed that the Asian jurisdiction’s Ministry of Health recently announced that 85% of the local population alongside a further 94% of ‘eligible’ individuals have now been fully vaccinated against coronavirus.