The emerging Asian gaming market looks getting some negative answers from Singapore. According to Fitch Ratings, Singapore is expected to see more decline in its gross gaming revenue in the coming year. This is not just the assumption but the facts suggests that the gaming market in Singapore has faced the drop of about 10% to SGD 6.7 billion in 2015. This statistics support the assumption of Fitch Ratings.
Complexes in complex
At present, Singapore is having two integrated casino resorts which is third in the world as most admired and profit making gaming destination. Fitch also analysed this decline and forecasted decrease in the casinos revenue to the Mainland China’s anti-corruption campaign. There is economic slowdown in this region along with weak condition of Indonesian Rupiah.
This is the effect of the anti-graft, introduced by the Chinese President Xi Jinping. This is aimed to dig out the illegal transferring of money along with underground leaders. It resulted badly on the casino industry in this Asia Pacific region. Though, the step look positive but this has made many high rollers to withdraw from Macau, which is the world’s most preferred gaming destination, to other safer place.
As per Fitch analysers, this action has also impacted the gambling industry of Singapore and hence the revenue in the same look declining. The agency has also assumed that the Singapore government may not be issuing more casino licenses to the new gambling operators in 2016. This a thing to observe that the current license of Marina Bay Sands and Resort World Sentosa is expiring next year.
Golden days
The history of the legality in the Lion City suggest that it legalised the gambling in 2006 but there were some heated arguments that went a year long. It was that time when they were able to support only the two integrated resort. The gambling giants like Genting Group and Las Vegas Sands were chosen as the preferred companies for these two complexes.
It was Las Vegas Sands that was able to develop the Marina Bay Sands by making a huge investment of $5.7 billion in the same. It is now providing the large convention centre along with many more such facilities. The giant gambling player from Malaysia, Genting Group grew the Sentosa site. Genting spent about $5 billion on the complex that is now featured with many unique features in the world of gambling.
Genting Group worked along with Universal Studios to develop such a pleasurable complex in the Lion City. These integrated resorts resulted in some amazing instant successes after the launch in 2010. It was the main effect of these complexes that made Singapore the third most preferred gambling destination in the world.
