Fitch Ratings Incorporated, a prominent credit ratings agency, has predicted that Singapore and Malaysia’s aggregated casino revenues will witness a revival in 2022. The company estimated that Singapore’s associated tally for this year would reach around $1.68 billion, which equates to 50% of the pre-pandemic figure of just under $3.36 billion. Fitch Ratings Incorporated also calculated that the casino industry in neighboring Malaysia will recover next year to post a figure around 65% of the $2.38 billion seen for 2019.
According to the American agency, the expected recoveries of the casino sectors in Singapore and Malaysia will be driven by ‘resilient domestic demand’ and the progressive relaxation of movement and border restrictions. The transition to living with coronavirus and the increasing number of vaccinations are also ‘key factors’ contributing to this revival.
The Ministry of Health in Malaysia revealed that 76.6% of the population had been fully vaccinated against coronavirus, increasing optimism for foreign travel. The country’s Prime Minister, Ismail Sabri Yaakob, recently announced an intention to fully open up to foreign travellers no later than the first day of January.
Marina Bay Sands and Resorts World Sentosa are the two casinos in Singapore where Las Vegas-style gambling is permitted. In 2019, Marina Bay Sands reported an aggregated gambling revenue of roughly $2.17 billion, while Resorts World Sentosa pulled in a healthy $1.18 billion.