Investment commitment well-timed and necessary
The Philippines has emerged as a fast-growing player; Japan is a fearsome new entrant to the scene and it is indeed time the IRs hit the refresh button
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Janice Heng
THE S$9 billion investment that Singapore's integrated resorts (IRs) are set to make is both well-timed and necessary if the island is to defend its position as a prime gaming playground, particularly as competition from neighbours intensifies.
When Marina Bay Sands (MBS) and Resorts World Sentosa (RWS) opened in 2010, Singapore was a relatively early mover in the region. But since then, the Philippines has emerged as a fast-growing player, with the casino industry's gross gaming revenue expected to reach a record 217 billion pesos or S$5.6 billion this year.
Competition continues from established gaming markets such as South Korea and Australia, while Japan has the potential to be a fearsome new entrant, with three IRs to be allowed.
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