(The following was released by the rating agency)
HONG KONG (Standard & Poor's) Nov. 13, 2012--Global economic
uncertainties and the lack of new supply in the next 12 months
could start to chip away at growth rates in some Asia-Pacific
However, casino operators in the region are likely to use
their improving financial capacity to aggressively bid for
licenses and invest billions of dollars in gaming projects.
That's according to an industry report card, titled
"Asia-Pacific Gaming: Likely Revenue Slowdown Won't Derail
Growth Plans," that Standard & Poor's Ratings Services published
"In 2013, we expect revenue to increase only moderately in
Singapore and revenue growth to slow in Macau, with the growth
in both markets coming off high bases. But we anticipate that
growth will remain solid in Australia and in the Philippines,"
said Standard & Poor's credit analyst Joe Poon.
The report analyzes trends in gaming markets in Macau,
Singapore, Australia, New Zealand, and the Philippines. The
Philippines' gaming industry was the fastest-growing gaming
market in the Asia-Pacific after Macau and Singapore last year.
It should continue to grow at a strong pace over the next few
years as operators provide more product offerings and disposable
Standard & Poor's believes that Asia-Pacific gaming
operators are better positioned now than they were in 2008, when
the global financial crisis began to hit. They are more likely
to accommodate the risks associated with investments in new
gaming developments and any moderation in gaming demand.
"Asia-Pacific gaming operators are generating healthy cash
flows and liquidity has strengthened, even for those with
previously weak liquidity positions. Given the mix of
opportunities and risks, we stand by our stable outlook for the
sector," said Mr. Poon.
RELATED CRITERIA AND RESEARCH
-- U.S. Gaming, Lodging, And Leisure Sectors Will Likely
Maintain Modest Growth Overall Through 2013, Oct. 1, 2012 --
Business And Financial Risks In The U.S. Gaming Industry, Sept.
25, 2008 -- 2008 Corporate Criteria: Analytical Methodology,
April 15, 2008