Singapore GGR may take years to fully recover: Bernstein

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.