KUALA LUMPUR (Dec 8): Gaming revenue at Genting Bhd’s Resorts World Sentosa (RWS) in Singapore will grow by another 10% in 2024, buoyed by the growth of a diversified customer base outside of China, according to Fitch Ratings.
In its “Global Gaming Outlook 2024” released on Thursday, the rating agency said that while Singapore is already performing “above expectations” with gaming revenues 15% higher than pre-Covid levels this year, Fitch analysts said that they expect such growth to continue, driven by increasing foreign visitors in 2024.
The report noted that as of October 2023, visitor arrivals to Singapore were still 25% below 2019, primarily due to a slow recovery in the Chinese market.
However, it said RWS had taken measures to address this visitor shortfall, with RWS extending credit to players over and above pre-Covid levels.
Fitch’s Singapore growth forecast is mirrored across much of Asia.
The agency expects Malaysia — home to Genting Malaysia Bhd’s flagship Resorts World Genting — to enjoy a 9% gross gaming revenue growth next year, driven by a “steady increase in domestic traffic and foreign tourists”.
Meanwhile, Fitch said 2024 promises to remain challenging for both land-based casino and online sportsbook operators, with weakened demand due to cost of living pressures.