Singapore’s two integrated resorts — Marina Bay Sands and Resorts World Sentosa — may not see full gaming revenue recovery until 2026, according to a new report from Bernstein analysts Vitaly Umansky, Louis Li, and Kelsey Zhu.
The properties remain affected by COVID-19’s long-term impact, with stringent entry controls still in place. Conditions are improving, however, as health experts anticipate gradual easing of restrictions, such as allowing indoor dining, though mask mandates are expected to stay.
A new, more contagious COVID-19 variant (B.1.617) has been detected, but tight measures have so far contained its spread. Singapore recently recorded its lowest daily case count in nearly four months.
Still, pre-pandemic levels of $1.9 billion in 2019 may not return until 2025 or later, with full recovery expected only by 2026. Mass-market gaming is forecast to surpass historical highs, but the VIP segment will likely lag.
Before the pandemic, Marina Bay Sands was the most profitable casino in the world, with $2.16 billion in GGR in 2019 and hotel revenue of $404 million at an average daily rate of $450.
Singapore has extended the casinos’ licenses through 2031, requiring each to invest at least $3.3 billion in expansion. These upgrades focus heavily on non-gaming attractions aimed at boosting mass-market appeal — a strategy analysts believe will fuel growth beyond 2025.
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