Casino Singapore Review

The parent company of Resorts World Sentosa (RWS) expects China’s ongoing crackdown on cross-border gambling to have lasting effects on its casino business. Chinese President Xi Jinping has ordered law enforcement agencies to curb overseas gambling by mainland citizens, threatening severe penalties — including prison terms of up to 10 years — for those who promote or organize gambling trips abroad. The directive is aimed at stopping billions of dollars from leaving China for casinos across Asia. Genting Singapore, a subsidiary of Malaysia-based Genting Berhad and operator of RWS, acknowledged in its full-year 2020 report that the crackdown will likely reduce the flow of high-value VIP players to Singapore. China’s Intensified Campaign Authorities in China estimate that as much as $150 billion leaves the country annually through illegal gambling channels. The government claims to have charged more than 35,000 people in connection with cross-border gambling crimes. On the mainland, all g...

The agency pointed to robust free cash flow prospects and the continued strength of Marina Bay Sands in Singapore as key supports, even as Macau’s sluggish recovery tempers momentum. “Sands benefits from scale, competitive positioning, and solid cash generation,” Fitch noted, adding that these are offset by heavy capital spending and potential weakness in China’s economy. The rating was restored to investment grade in February 2024, nearly two years after being cut to junk status during the pandemic. Leverage and Liquidity Fitch projects Sands’ EBITDA leverage will be around 3.5x, suggesting that a sustainable drop below this threshold could trigger an upgrade. Liquidity remains strong with $4.2 billion in cash and substantial credit facility access. The agency also praised Sands’ prudent balance sheet management and clear communication of leverage goals to investors. Despite share buybacks and dividend growth, Fitch expects free cash flow to comfortably cover shareholder returns and s...