Brokerage firm Sanford C. Bernstein believes Singapore’s gaming revenue won’t reach pre-pandemic levels until 2025 with the VIP sector being particularly slow to rebound.
Analysts Vitaly Umansky, Louis Li and Kelsey Zhuon believe GGR at Resorts World Sentosa and Marina Bay Sands will take four years to reach 73 per cent of 2019 levels by 2022 and 94 per cent of 2019 levels.
They said: “There remains uncertainty around travel restriction loosening in Singapore (and the feeder markets) and the economic impact from COVID-19 on feeder markets (in particular, Malaysia and Indonesia), but we expect Mass GGR and non-gaming to be back to normal in 2023. Longer term, we forecast Singapore market GGR to recover to ~to 94 per cent of 2019 level by 2025 with mass recovering above historical levels but VIP remaining sluggish. With the opening of Phase 2 developments for Resorts World and Marina Bay Sands, we expect the market to grow with the expansions beyond 2025.”