Despite the decline, which has affected the Asian gambling sector lately, the latest reports and predictions, made by experienced gaming analysts, show that slowly but surely, the gambling segment in Singapore is getting revitalized.
It is a well-known fact that gaming officials rely on the casinos to boost country’s economy but, unfortunately, their performance did not live up to the expectations.
Nevertheless, market analysts keep assuring the communities that the current year will be far more favorable than the previous one as far as casino attendance and revenues are concerned.
What is more, they are convinced that the situation with the VIP gambling sector is getting better.
Mere hours ago, Las Vegas Sands announced that its net profit for Q4 increased by 25% as compared to the numbers reported a year ago. The profit reached $721.3 million, which is considered to be an excellent performance bearing in mind the complicated situation on the local gambling market.
In addition, the gross gaming revenue of Marina Bay Sands increased by 17% YOY to reach $803 million.
Rob Goldstein, company’s President, was reached for a comment and said that Marina Bay Sands can take pride in being “the most profitable building in the world”.
Actually, the numbers reported disproved analysts’ predictions made a few months ago. They kept saying that the Singaporean gambling sector was not likely to expand due to the tough competition it faced and the decreased number of tourists.
Regardless of the optimistic predictions for a profitable and successful year, the truth is that Singapore-based casinos remain economically sensitive.
Yet, market analysts saw the light at the end of the tunnel and they believe that the upcoming casino projects, that are to be completed in the foreseeable future, will play a key role in the revitalization of the local gambling segment.
Genting Singapore is planning to expand its business by opening a Jurong -based hotel, which will incorporate 557 stylishly furnished rooms.
In addition, a railway connecting Kuala Lumpur and Singapore is to be established, which is expected to increase the percentage of Malaysians travelling to Singapore, staying at the local hotels and participating in gambling activities.
Needless to say, the optimistic predictions sounded too excessive to people who claim to be familiar with the matter. According to them, the bright future of the gambling industry in Singapore is a chimera and the upcoming projects are not likely to bring the desired results.
What made them believe so was the intensified anti-corruption program of the Chinese President and the lack of high-roller players. They consider the current success to be a temporary one and things to get back to their initial condition soon.
