Singapore's casinos opened their doors in 2010 with great expectations for the market's potential growth, but some analysts believe the party may be over.
"The stage is set for disappointment. We think the Singapore gaming market cannot grow," Macquarie said in a note last week, noting that the city-state's gross gaming revenue (GGR) has stalled at around $6 billion a year since 2011, the first full year of operations for the two casinos.
Singapore's integrated resorts, Marina Bay Sands and Resorts World Sentosa, which house the casinos as well as other facilities such as convention space and a theme park, can steer the fate of the city-state's economy. The GGR revenue came in at around 1.6 percent of the city-state's 2013 gross domestic product (GDP) of around $372.8 billion.