S&P Ranks Macau and Singapore as Strongest Asia Pacific Casino Markets; Video Poker Players May See Fewer Machine Options in Lower-Ranked Markets

S&P Global Ratings has placed Macau and Singapore at the top of its Asia Pacific casino market ranking, assessing eight markets for business resilience, credit appeal, and exposure to regulatory risk. The July 2026 report gives Macau the highest overall score, followed by Singapore, while Cambodia and the Philippines sit in the lower half. For video poker players who travel to Asia or play in land-based casino rooms, the ranking provides a useful benchmark for market stability and the likely quality of machine-based game offerings.

Macau ranked first due to its large market size, strong regulatory oversight, long licence terms, and relative resistance to online gambling competition. The report notes that Macau’s six concessionaires support a medium operator score, but its 40% effective gross gaming revenue tax drags down the tax score. Singapore placed second, with tight oversight, a two-operator casino structure, and solid protection from online competition. Both markets are considered the most resilient for physical casino investment, which typically correlates with better-maintained slot and video poker machine floors.

Por que importa

Key facts

S&P Global grouped Japan in third place, even though no integrated resort is yet operating. MGM Osaka remains set to open near the end of 2030. Malaysia ranked fourth, with a Genting unit holding the casino monopoly. Australia placed fifth, joining the Philippines and New Zealand in a group S&P Global says faces headwinds from regulatory pressure and online gambling competition. The ratings agency warned that “stronger demand alone will not strengthen credit quality,” and that regional gaming revenue may grow only 3% to 5% per year over the next two to three years.

For video poker players, the ranking’s lower tier – Cambodia (sixth), Philippines (seventh), and New Zealand (eighth) – signals markets where physical casino investment may be more constrained. S&P Global noted that the Philippines has attracted billions in resort dollars, yet electronic gaming now accounts for a larger share of national gambling revenue, possibly reducing the appeal of large physical casino projects. A weaker physical casino market often means fewer video poker machines, less frequent game updates, and smaller floor space dedicated to multi-game machines.

Contexto

Regulatory risk is a recurring theme. S&P Global said: “In our view, regulatory risk is structural and intrinsic to the Asia-Pacific gaming sector.” The report also highlighted a 2025 Pew Research Center survey showing that 89% of adults in Indonesia and 83% in India view gambling as morally wrong, compared with 29% in the US. Political leaders in Asia often place social safeguards ahead of economic continuity, creating a greater chance of sudden rule changes. For video poker players, such shifts can affect machine availability, payout percentages, and the ability to play in licensed venues.

The report does not directly address video poker, but it provides a framework for assessing where physical casino floors – and the slot and video poker machines on them – are most likely to remain well-funded, updated, and accessible. Markets with strong credit resilience and stable regulation tend to invest more in machine maintenance, game variety, and player amenities. Conversely, markets with lower scores may see reduced reinvestment or a shift toward online gaming, which does not offer the same video poker experience as a dedicated machine.

Source: iGaming.org – “S&P Ranks Macau and Singapore as Strongest Casino Markets in Asia Pacific Region” (https://igaming.org/casino-news/sp-ranks-macau-and-singapore-as-strongest-casino-markets-in-asia-pacific-region/)