"We have a more cautious view of China's economic performance," banking group Nomura said, adding that this is consistent with recent tourism data from China leaving for regional destinations, including casino jurisdictions, and also for Thailand, which is popular with another Chinese.
Analysts Juven Paracules and Shannon Bunnucci noted in a note on Monday that China's outbound tourism had "slowed".
"The number of foreign tourists visiting Singapore fell to 73.6% in October from 77.3% in September, driven by a drop in the number of Chinese tourists (54.6% to 47.5%)," Nomura wrote.
The total number of visitors to Singapore in the first 10 months of the year was around 71% in 2019, according to government data.
In particular, the regional recovery seen in China's outbound tourism "lost momentum after pent-up travel demand unraveled following the reopening of the border in early 2023," Nomura suggested in a note on Monday.
Analysts cited easing of COVID-19-related travel and other restrictions on people leaving China and China.
Nomura said China's modest economic performance compared to before "could weigh on the recovery of tourism in the region."
In Singapore, gross domestic product (GDP) growth "was 1.4% year-on-year in the fourth quarter after an encouraging recovery to 1.1% in the third quarter, and travel and tourism-related sectors provide less tailwind," the agency said.
More than a decade ago, one of Singapore's goals of creating a casino duopoly was to increase gross domestic product (GDP) in inbound tourism.
The two operator markets comprise Resorts World Sentosa, run by Genting Singapore Ltd, and Marina Bay Sands, run by a operator from Las Vegas Sands Corporation, which is also the parent of Sands China Ltd, a Macau casino operator.
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