{"id":302217,"date":"2023-12-07T17:29:03","date_gmt":"2023-12-07T23:29:03","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=302217"},"modified":"2023-12-08T18:16:30","modified_gmt":"2023-12-09T00:16:30","slug":"singapore-ggr-poised-to-surge-again-in-2024-says-fitch","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/singapore-ggr-poised-to-surge-again-in-2024-says-fitch\/","title":{"rendered":"Singapore GGR Could Jump 10% in 2024, Says Ratings Agency"},"content":{"rendered":"

After posting what\u2019s likely to be a 15% increase in gross gaming revenue (GGR) this year, Singapore\u2019s two integrated resorts could notch a 10% GGR jump in 2024.<\/p>\n

\"Marina
The Marina Bay Sands casino resort in Singapore at night. Fitch Ratings is bullish on Singapore’s gross gaming revenue (GGR) in 2024. (Image: Getty Images)<\/figcaption><\/figure>\n

That forecast arrived courtesy of Fitch Ratings, which noted GGR generated this year by Las Vegas Sands\u2019 (NYSE: LVS) Marina Bay Sands and Genting Singapore\u2019s<\/a> Resorts World Sentosa easily outpaced levels seen before the outbreak of the coronavirus pandemic. The ratings agency noted the two casino resorts are doing an admirable job luring international visitors and diversifying their customer bases beyond Chinese bettors.<\/p>\n

Singapore continues to perform above expectations as customer growth diversifies outside of China,\u201d noted Fitch. \u201cIn particular, arrivals from mainland China are still well below pre-pandemic levels, despite improvements since the reopening.\u201d<\/p><\/blockquote>\n

Along with Resorts World Sentosa, MBS operates as a duopoly in the city-state. It\u2019s a status that is afforded decades-long protection because the companies expand non-gaming attractions<\/a> to woo travelers to the tourist-heavy region.<\/p>\n

New Room Supply Could Boost Singapore GGR<\/h2>\n

Marina Bay Sands and Resorts World Sentosa are expanding to accommodate increased demand following the pandemic.<\/p>\n

\n

Sands previously announced major enhancements to its Singapore venue, including the addition of 1,200 guest rooms, convention and meeting space and a 15,000-seat entertainment arena. Such investments are essential because MBS is one of the most profitable<\/a> casino hotels in the world, and competition in the region is fierce in terms of luring tourists.<\/p>\n<\/div>\n

\u201cMarket leader Marina Bay Sands Pte Ltd has opened around 1,200 renovated rooms in the first nine months of 2023, and Genting Singapore Ltd has extended credit to customers over 2023,\u201d added Fitch.<\/p>\n

Rumors recently surfaced<\/a> that Sands could be in the market for substantial credit to fund expansion at MBS due to high inflation, but the operator said that\u2019s not the case.<\/p>\n

Broader 2024 Outlook<\/h2>\n

The research firm added that Asia\u2019s other large gaming markets, namely Macau and Malaysia, should experience 2024 GGR increases on par with or over those expected in Singapore. The commentary on Malaysia is pertinent to Resorts World parent Genting Bhd. because it\u2019s the dominant operator in that country.<\/p>\n

Likewise, Fitch\u2019s bullishness is pertinent to LVS investors because the operator\u2019s Sands China arm runs five casino hotels in the Special Administrative Region (SAR).<\/strong><\/p>\n

\u201cAll eyes will be on Macau in 2024, as visitation continues to grow against a backdrop of a weakening Chinese economy. Singapore continues to perform above expectations as customer growth diversifies outside of China,\u201d observed Fitch.<\/p>\n

The ratings agency added that some US regional casino markets could experience softness next year. Las Vegas GGR could decline modestly as visitors to Sin City direct spending to non-gaming options.<\/p>\n","protected":false},"excerpt":{"rendered":"

After posting what\u2019s likely to be a 15% increase in gross gaming revenue (GGR) this year, Singapore\u2019s two integrated resorts could notch a 10% GGR jump in 2024. That forecast arrived courtesy of Fitch Ratings, which noted GGR generated this year by Las Vegas Sands\u2019 (NYSE: LVS) Marina Bay Sands and Genting Singapore\u2019s Resorts World […]<\/p>\n","protected":false},"author":46,"featured_media":260158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903],"acf":[],"yoast_head":"\nSingapore GGR Poised To Surge Again in 2024, Says Fitch<\/title>\n<meta name=\"description\" content=\"Singapore GGR tapped to jump 10% in 2024, according to Fitch Ratings.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/singapore-ggr-poised-to-surge-again-in-2024-says-fitch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore GGR Poised To Surge Again in 2024, Says Fitch\" \/>\n<meta property=\"og:description\" content=\"Singapore GGR tapped to jump 10% in 2024, according to Fitch Ratings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/singapore-ggr-poised-to-surge-again-in-2024-says-fitch\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-07T23:29:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-09T00:16:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/Marina-Bay-Sands.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"798\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/singapore-ggr-poised-to-surge-again-in-2024-says-fitch\/\",\"url\":\"https:\/\/www.casino.org\/news\/singapore-ggr-poised-to-surge-again-in-2024-says-fitch\/\",\"name\":\"Singapore GGR Poised To Surge Again in 2024, Says Fitch\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/singapore-ggr-poised-to-surge-again-in-2024-says-fitch\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/singapore-ggr-poised-to-surge-again-in-2024-says-fitch\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/Marina-Bay-Sands.jpg\",\"datePublished\":\"2023-12-07T23:29:03+00:00\",\"dateModified\":\"2023-12-09T00:16:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Singapore GGR tapped to jump 10% in 2024, according to Fitch Ratings.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/singapore-ggr-poised-to-surge-again-in-2024-says-fitch\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/singapore-ggr-poised-to-surge-again-in-2024-says-fitch\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/singapore-ggr-poised-to-surge-again-in-2024-says-fitch\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/Marina-Bay-Sands.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/Marina-Bay-Sands.jpg\",\"width\":1200,\"height\":798,\"caption\":\"The Marina Bay Sands casino resort in Singapore at night. 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