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G2E Asia: Singapore expected to return to pre-Covid levels by 2024

Updated:2024-03-21 15:02    Views:142

This year, G2E Asia in Singapore has highlighted the state of the Asian market’s resurgence following the Covid-19 pandemic, which has become far more competitive since China ditched its zero-Covid policy that left its gambling province of Macau crippled.

Focusing on Singapore, where many of Macau’s VIPs flocked after the region was shut down by China’s aforementioned policy, Morgan Stanley's Head of Asian Gaming, Praveen Choudhary, showcased the latest figures from Singapore.

The country only has two casinos in Marina Bay Sands and Resorts World Sentosa, from which Choudhary shows how much of the VIP revenue Singapore has taken from Macau.

The graph below shows that Macau’s VIP revenue for 2019 stood at $14.6bn from a total market value of $22bn, making up 66% of the Asian market, with Singapore seeing the second-highest total in the region with $1.8bn – representing 8%.

However, four years and a pandemic later, Macau’s total market share fell to 41% to $2.6bn, while Singapore’s was up to 21% to $1.4bn. It should also be noted that the total value of the VIP market has fallen by $16bn since 2019,Free games now totalling just $6bn.

The decrease in the VIP market, mixed with Macau’s stagnation under China’s policy saw gambling in Singapore thrive, with Choudhary stating: “Singapore has the advantage of a favourable location and some additional rooms, which contribute to its benefits.”

How long Singapore’s market share will be so high is up for debate, however, now that Macau has begun to rise again. Though Choudhary noted the strengths of Singapore’s market, including its stability: “Singapore's market has been very stable. It went through a downturn after the anti-corruption campaign and further declined during the Covid pandemic.

“This year, we have returned to pre-pandemic levels in terms of gross gaming revenue (GGR) and we anticipate that we will surpass those levels in the future.”

However, Choudhary also warned that “Singapore has not yet witnessed the full impact of Chinese consumers and visitors. As they start arriving in the second half of this year, we believe the figures (for Macau) will only rise.”

Choudhary’s prediction was backed up by a GGR revenue chart (seen below), showing that Singapore would return to pre-pandemic levels by 2024/2025. This estimated it would bring in $5.6bn in 2025, which would represent Singapore’s best year since 2014.







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