A losing bet: New Asian casinos eating away Singapore’s share of the gaming pie

Blame it on the vanishing VIPs.

Casinos are mushrooming across the region, and Singapore casinos are struggling under the steady onslaught of regional competitors.

According to a report by Macquarie Research, the success of local casinos in 2011 spurred many countries in Asia to legalize gambling and allow opening of casinos on a similar model.

The Philippines, for instance, has already seen 4 new private casinos since then. However, other countries like Vietnam, Korea, Sri Lanka, Cambodia and Japan are gearing up to push new casino legislations and open new casinos by 2020.

“Asia is underpenetrated; as new casinos open SG gaming pie could get hurt. In Asia, there is a growing population of high net worth individuals (HNWIs) regionally amid the shortage in the supply of integrated resort style gaming facilities. As indicated in the figure below, HNWI wealth is up 33% from 2007-12 in Asia ex-Japan. We think there is a high probability of SG casinos’ VIP clientele cannibalization by new casinos in Asia,” noted Macquarie.

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