Bernstein Research issued a note on Monday anticipating a slow recovery for Singapore’s casinos once they reopen on July 1, with GGR unlikely to return to 2019 levels until 2023.
“While Singapore has a larger locals market than Macau,” the note states, “Singapore would likely take longer to ramp up as it is more dependent on fly-in business and business crossing the border from Malaysia. While slots is majority locals, mass tables and VIP becomes much more non-Singaporean.”
As a result, lingering international travel restrictions, especially air flights, is likely to dampen the Singapore casino market for quite some time.
Overall, their estimate is that combined 2020 GGR will come in at a fall of 59 percent from 2019 levels, and that even 2021 GGR will be down 13 percent from 2019.
Bernstein anticipates that Marina Bay Sands will likely maintain its market share lead over Resorts World Sentosa.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.