304 North Cardinal St.
Dorchester Center, MA 02124

Work Hours
Monday to Friday: 7AM - 7PM
Weekend: 10AM - 5PM

Gross Gaming Revenue in Singapore 2023

Gross Gaming Revenue is the total annual amount of money wagered on Class II, and Class II games fewer amounts paid out in prizes or awards.

These metrics are helpful in gaming and wagering companies because they help them know how much revenue they earn.

How is GGR Calculated?

Gross Gaming Revenue is the gross revenue that a company generates from bets placed. 

The formula for calculating this is by subtracting the players’ winnings from the total amount wagered. It is done as follows:

GGR = Total Amount Wagering – RTP / Winning Payouts.


  • Total Amount Wagering is the total amount according to the bets or transactions made.
  • RTP / Winning Payouts is the return to players, or the amount of winnings players receive when placing winning bets.

GGR in Singapore

Singapore’s gross gaming revenue is expected to surpass pre-pandemic levels due to the large number of visitors entering the country.

Morgan Stanley Asia Ltd forecast that Singapore’s GGR could reach US$4.4bn by 2023 and US$5.2bn by 2024. The highest GGR Singapore has ever had was US$4,600mn in 2018, so 2014 expectations are for it to surpass this peak.

Analysts expect international visitors in 2023 to be between 12 and 14 million people, which would be a significant increase since it corresponds to double the volume recorded in 2022.

Singapore is home to a duopoly of casino resorts – Resorts World Sentosa, operated by Genting Singapore Ltd; and Marina Bay Sands, run by a unit of Las Vegas Sands Corp.

Morgan Stanley said it expected Genting Singapore to report full-year 2023 annualized EBITDA of US$1.1 billion, “90 percent of the 2018 peak.” 

It also commented that it expected Singapore’s GGR, comprised of revenue from these casinos mentioned above, to be US$4.4 billion in 2023, surpassing its 2018 peak.

GGR In Asia

The mainland greatly benefited from the increases or expected increases in GGR in Singapore, which would mean that the continent would also significantly increase.

This increase is also linked to the fact that there are now many countries, states, or locations that are becoming more flexible with their gambling laws, i.e., they are allowing specific sites to operate or are allowing gambling as such.

This is something very appealing to tourists from this continent because the gambling industry is one of the largest in the world, and the fact that it is being legalized in more locations in Asia allows visiting gamblers to go to this continent to gamble without any inconvenience, thus increasing the GGR of Asia.

In addition, Asia is one of the most populated continents with a fast-growing economy, contributing to the increase of the GGR. 

Although it is one of the most regulated markets concerning gambling, this year, they are looking to free up the market a little more. For example, in Vietnam, they are testing pilot programs to allow residents to play in casinos where previously only tourists were allowed.