Chart of the Day: Will gaming revenues in Singapore see an upward trajectory this year?

It's a long shot, given a weak VIP segment.

Fitch Ratings expect gaming revenues in Singapore to remain at about US$4b this year as VIP remains lacklustre, meaning an upward trajectory would not be possible given the circumstances.

According to the group, gaming revenues continued a downward trajectory in 2016 largely due to a steep contraction in the VIP segment, despite a 12.5% gain in Chinese visitors, which is the biggest source of VIP revenue.

"Moreover, Singapore will face added competitive pressure from Macau and the Philippines. We think the probability of the Singapore government awarding additional gaming licenses to be low, but acknowledge that it is a risk," Fitch Ratings said.