Singapore Ranks Third in Worldwide Gaming Revenues for 2012
Posted on: February 24, 2013, 05:25h.
Last updated on: March 4, 2013, 09:11h.
Macau is rated #1, Las Vegas comes in second, and Singapore is now ranked the number three gaming market worldwide in terms of revenues, based on its 2012 numbers. Considering the island nation has only two casinos, (compared to dozens in Macau and Vegas), that placement is pretty impressive.
Singapore’s gaming revenues came in at $5.85 billion for year-end 2012, an 8% increase over the year prior.
In comparison, #1 gambling market Macau pulled in $38 billion in 2012, and Las Vegas $6.2 billion from its more than 40 casinos on the Strip alone.
Gaming Proves Popular
Singapore first opened legal casinos back in 2006, looking for ways to boost tourism; along with gaming, the government mandated many other offerings as well. So it was with some surprise that the island nation showed a substantial revenue intake for gaming right off the bat, stunning gaming analysts. Early 2012 showed a slight setback, however, as gaming revenues slowed somewhat.
The two Singapore properties, Marina Bay Sands and Resorts World Sentosa Island, reported the annual revenues in their fourth-quarter earnings announcements recently. Marina Bay slightly edged out Resorts World in earnings, with $2.94 billion vs. $2.91 billion respectively.
Gaming Analysts Make Predictions
Macau-based Union Gaming Group principal Grant Govertsen stated recently that while lower income gamblers “continue to be muted,” the high-roller whale market now “seems to be recovering.” In Singapore, locals must pay an entry fee to visit either of the two casino resorts.
“With that in mind, we would expect Singapore gross gaming revenue to grow in the low or mid-single digit range in 2013,” added Govertsen. “As such, we would expect Las Vegas Strip gross gaming revenue in 2013 to remain ahead of Singapore.”
One challenge that Resorts World faces, according to Govertsen, is that the Malaysian-owned property has more of a mass-market focus than its competitor Marina Bay Sands, and draws guests largely from Malaysia and Indonesia. That market appears to be mostly tapped out, Govertsen said.
With two casinos to the Strip’s forty, it would be a pretty neat hat trick if Singapore can ever pass Las Vegas in revenues in coming years.
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