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Singapore success emboldens AsiaPac to become new global gaming mecca: Fitch
Other nations following the country's aggressive gaming legalisation.
"Singapore's success in legalising gaming has prompted a number of countries to review their gaming laws and we believe that it is likely that new markets in the region will open over the next decade," says Vicky Melbourne, Head of Fitch's Industrials for South-East Asia and Australasia.
The comment came as Fitch Ratings reports that gaming in Asia Pacific will continue to see significant revenue growth, taking its share of global casino revenues to over 40% by end-2015 to become the global market leader.
Casinos in Macau, Australia, Singapore and Malaysia should maintain their credit profiles over 2013.
The growth in the region is supported by a mostly stable economic environment in Asia Pacific countries compared with the US and Europe and the high propensity of consumers in the region to gain, said Fitch.
Fitch also expects high single-digit revenue growth in Australia following significant investment in VIP facilities.
Singapore's growth is expected to slow after having experienced impressive growth following the opening of integrated resorts in 2010 but also due to possible regulatory change afoot. This regulatory change is likely to benefit Malaysia. Casinos in Macau should grow in line with China's GDP.
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