TR EMERITUS

The casino industry is booming in Singapore and shows no signs of slowing down in 2024. Both retail and online gambling are popular throughout the country, overseen by the Casino Regulatory Authority of Singapore (CRA). Land-based casinos are permitted in Singapore as long as they are part of an integrated resort, which is when they become built alongside an estate that also hosts a hotel, entertainment facilities, fine dining, and so on. There are currently two such casinos in Singapore: Resorts World Sentosa and Marina Bay Sands, the latter of which is enormous, filled with over 2,000 slots and over 20 table games spread across four levels (source: https://www.basketballinsiders.com/en-sg/online-casinos/).

Reports by Fitch Ratings Inc. have predicted that casino revenue should have a 10% increase, year-on-year, making numbers even better than they were pre-pandemic. This shows a huge upturn in the number of people betting and on the amount being spent to support the casino market. A considerable amount of this revenue will come from foreigners in 2024, as Singapore continues to make a name for itself as a gambling holiday destination. Looking at the figures from one of Singapore’s casinos, it is clear to see the economic boost it provides to the country. In Q3 of 2023, revenue reached US$2.01 billion, which is over a 200% increase from the previous year.

Although online casinos have not been legalized yet in Singapore, there are some licensed operators that residents are able to access. These offshore options allow users to play live dealer, slot, and table games, without having to visit an integrated resort. Once online gambling sites and apps are factored in, it’s likely that the revenue projections would far surpass 10%.

Both of Singapore’s casinos are part of resorts that boast huge hotels, with the Marina Bay Sands having just opened 1200 new rooms in 2023. All things considered, the growth in the gambling market is not surprising, as hotels are filled with international guests who do not even have to leave the resort to visit the casino.

Another reason for the predicted growth in 2024 is that Singapore is outshining its competitors in the Asian casino market. Countries such as Malaysia have had setbacks recently, which has meant that domestic and international tourists are choosing Singapore as their holiday spot. For example, a dangerous landslide hit Malaysia in December 2022, in a region close to one of their top Casinos, which meant that gaining access to the resort was much more difficult. However, financial experts have been making positive projections for the growth of the casino industry across Asia, with Citigroup expecting Macau’s gross gaming revenue (GGR) to grow 19% year-on-year in 2024.

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