Fitch: Government unlikely to add more casinos
On January 29, the Casino Regulatory Authority of Singapore announced that Genting Singapore Plc’s gaming license has been renewed for three more years. The Singapore arm of the Malaysian casino operator runs Resorts World Sentosa, which was assessed for its “contribution to the city-state’s economy, among other factors,” according to GGRAsia. The new three-year term began February 6.
In 2007, Singapore issued casino licenses both to Genting Singapore and the Las Vegas Sands Corp, operator of the Marina Bay Sands. The exclusivity period for those licenses expires in 2017. But Fitch Ratings analysts say the Singapore government is “unlikely” to grant new licenses in the future due to the “potentially higher frequency of problem gaming with the local population, and the muted outlook for the inbound tourism sector in Singapore.”
