{"id":2847,"date":"2017-12-01T11:34:43","date_gmt":"2017-12-01T11:34:43","guid":{"rendered":"https:\/\/www.top10casinowebsites.net\/news\/?p=2847"},"modified":"2017-12-01T11:34:55","modified_gmt":"2017-12-01T11:34:55","slug":"fitch-ratings-expects-singapores-casinos-to-report-strong-ggr-in-2018","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/fitch-ratings-expects-singapores-casinos-to-report-strong-ggr-in-2018\/","title":{"rendered":"Fitch Ratings Expects Singapore\u2019s Casinos To Report Strong GGR In 2018"},"content":{"rendered":"

\"\"Global credit ratings and research company Fitch Ratings Inc<\/a> published a new report which shows that Singapore\u2019s gross gaming revenue (GGR)<\/strong> is likely to continue its growth pattern in 2018.<\/p>\n

This year has been excellent for Singapore\u2019s casino industry after its disastrous 30 percent decline between 2015 to 2016. In the early part of 2017, Singapore GGR was able to increase by around 10 percent year-on-year. This upward trend is expected to spill over into 2018 with the continued increase of visitor arrivals in the country.<\/p>\n

One of the biggest drivers of this predicted growth is the steady flow of visitors from Mainland China, which is up 5 percent from the previous year. Chinese visitors account for the biggest tourist groups<\/a> by nationality to visit Singapore, comprising 19 percent of total visitors in 2017.<\/p>\n

Based on data from the Singapore Tourism Board<\/strong>, 1.55 million Chinese visitors came to Singapore during the first half of 2017, which is a 5 percent increase on the prior-year period. Alex Bumazhny<\/strong>, senior director of the market outlook report by Fitch Ratings, said that Chinese tourism has been responsible for boosting gaming revenue across Southeast Asia. In Singapore, the recovery of VIP tourism is one of the key revenue drivers that will continue to reflect until 2018.<\/p>\n

In a statement, Bumazhny said, <\/p>\n

We feel VIP tourism across the region will continue to recover, and ongoing growth in mass-market gaming tourism will support regional expansion and Australian (casino resort) construction. Overall, we view the Asia-Pacific market as under-penetrated, at least in the mass-market segment.<\/p><\/blockquote>\n

In terms of competitive pressure, the Fitch report notes that Singapore will be safe from competition since no new licenses are likely to be granted in the next term. Earlier this year, Fitch predicted Singapore\u2019s GGR at US$4 billion, combining revenues from the country\u2019s two casino resorts: Marina Bay Sands<\/strong> operated by Las Vegas Sands Corp and Resorts World Sentosa<\/a> which is operated by Genting Singapore Plc. Fitch pointed out that weak VIP play was a key reason for the conservative prediction.<\/p>\n

But with VIP play gaining momentum this year, a new forecast was released for Singapore. In November, brokerage Sanford C. Bernstein Ltd<\/strong> revised its 2017 estimates for Singapore\u2019s casino VIP GGR. Bernstein upped its previous SG$2 billion estimate of VIP revenue to SG$2.35 billion. The adjustment is an 18 percent increase from previous estimates.<\/p>\n

Bernstein attributed 62 percent of Singapore\u2019s 2017 GGR to come from Marina Bay Sands<\/a>, citing their better location, a superior management team and greater exposure in meetings, incentives, conferences, and exhibitions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Global credit ratings and research company Fitch Ratings Inc published a new report which shows that Singapore\u2019s gross gaming revenue (GGR) is likely to continue its growth pattern in 2018. This year has been excellent for Singapore\u2019s casino industry after its disastrous 30 percent decline between 2015 to 2016. In the early part of 2017, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2847","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"\nFitch Ratings Expects Singapore\u2019s Casinos To Report Strong GGR In 2018<\/title>\n<meta name=\"description\" content=\"Fitch Ratings Inc published a new report which shows that Singapore\u2019s gross gaming revenue is likely to continue its growth pattern in 2018.\" \/>\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.top10casinowebsites.net\/news\/fitch-ratings-expects-singapores-casinos-to-report-strong-ggr-in-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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