TLDR
- S&P Global Ratings ranked eight Asia-Pacific casino markets by business resilience and credit appeal.
- Macau and Singapore took the top two spots, while Cambodia and the Philippines landed in the lower half.
- The report warns that sudden policy changes remain a lasting risk across the region.
- Gaming revenue in the region is expected to grow 3%-5% per year over the next two to three years.
- Cultural attitudes toward gambling in countries like South Korea and India were cited as a factor behind regulatory unpredictability.
S&P Global Ratings released a new report ranking casino markets across Asia-Pacific. The report looks at business resilience and appeal to credit issuers in eight jurisdictions.
The ratings agency published its findings in a 12-page report on Tuesday. It found that regulatory risk is a lasting feature of the region’s gambling industry.
S&P said political pressures often push governments to focus on social safety over economic growth. This can lead to quick changes in gambling laws.
Cultural views on gambling also play a role. The agency pointed to a 2025 Pew Research Center survey showing that about 70% of adults in Indonesia, India, and South Korea see gambling as immoral.
That is a much higher share than in the United States or Australia, where roughly 30% of adults hold that view. S&P said this gap adds to the unpredictability of gambling policy in some countries.
Macau And Singapore Lead The Rankings
Macau took the top spot in the report. It scored high marks for market size, resilience to online gambling, and the length of its casino licenses.
The territory has six casino operators and a tax rate of 40% on gross gaming revenue. S&P called this a medium score for the number of licenses.
Singapore ranked second overall. The city state runs a casino duopoly with two licensed operators.
Tax rates in Singapore vary by player type. Premium players pay 8% on the first S$2.4 billion in gross gaming revenue each year, then 12% above that, according to Singapore’s Inland Revenue Authority.
Other players pay 18% on the first S$3.1 billion and 22% above that. S&P rated Singapore high for regulatory oversight and low for online gambling risk.
Mid-Market And Headwind Countries
Japan ranked third even though it has no open casinos yet. MGM Osaka is expected to open at the end of 2030, and a second round of casino license applications is due to open next year.
Malaysia and Cambodia were classed as mid-market countries. Malaysia ranked fourth and Cambodia ranked sixth.
A unit of Genting Berhad holds a casino monopoly in Malaysia. NagaCorp holds a similar monopoly centered on Phnom Penh in Cambodia.
S&P said public policy in both countries supports the casino sector. But lower interest from foreign visitors limits how large these markets can grow.
The Philippines ranked seventh in the report. Market size was rated medium, while resilience to online gambling and the number of licensees were both rated low.
S&P grouped the Philippines with Australia, ranked fifth, and New Zealand, ranked eighth, as headwind markets. It said looser rules on online gambling in the Philippines and New Zealand could reduce returns on large casino projects.
The report did not go into detail on South Korea’s possible casino reform plans. It focused instead on comparing the eight ranked markets side by side.
S&P said the region’s overall gaming revenue is expected to grow at a steady pace over the next few years. But it said that growth alone will not guarantee stronger credit ratings for casino operators.
