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Singapore may be quietly positioning itself to leapfrog Macau, not by expanding scale, but by redefining the integrated resort (IR) experience through innovation, exclusivity, and brand alignment, according to industry insider Aydemir Yuksel. In an exclusive interview with SiGMA News, Aydemir Yuksel¡ªwho has worked extensively inside both Macau and Singapore¡¯s IR ecosystems¡ªshared a perspective on why prestige in the industry may be shifting away from sheer gaming volume and toward long-term experiential value.
Singapore vs Macau: A tale of two giants
Macau remains the world’s top ë°”ì¹´ë¼ market by gross gaming revenue. Figures reveal the truth, in 2023, Macau generated about MOP183.06 billion ($22.7 billion) in GGR, whereas Singapore’s two integrated ë°”ì¹´ë¼ resorts brought in SG$5.25 billion in GGR. However, Macau¡¯s over-reliance on VIP and mass gambling, its complex relationship with Beijing, and increased regulatory scrutiny have exposed cracks in its armour. The region’s IRs, while vast, often prioritise volume over experience.
While Macau continues to dominate in raw gaming revenue, as per Yuksel, Singapore¡¯s Marina Bay Sands (MBS) and Resorts World Sentosa (RWS) have steadily carved out a global reputation for discretion, luxury, and policy-driven stability. Singapore builds its edge on precision, what Yuksel calls a “Swiss watch” approach. It is “clean, safe, and hyper-efficient. For wealthy individuals from China, India, Indonesia, or Malaysia, Singapore is already a second home. It offers discretion, luxury, and long-term credibility.”
Rather than competing on the size of ë°”ì¹´ë¼ floors or number of slot machines, Singapore is focusing on holistic visitor experiences. MBS now earns nearly 30 percent of its revenue from non-gaming activities including hotel stays, luxury retail, MICE (meetings, incentives, conferences, and exhibitions), and fine dining. In the first quarter of 2025, MBS reported occupancy rates of around 95 percent with an average daily room rate of over?$900.
By contrast, Macau¡¯s IRs still derive around 90¨C95 percent of their income from gaming. This is despite the government pushing for non-gaming investments, setting an ambitious target for revenue to contribute 60 percent of GDP by 2028. While gaming contributes to strong short-term revenues, the model is vulnerable to policy shifts and reputational risks tied to Beijing¡¯s regulatory stance. Yuksel notes that Macau is always ¡°one policy shift away¡± from volatility. Travel restrictions, anti-corruption crackdowns, or scandals can disrupt business overnight. This is especially truly since over 90 percent of visitors come from Greater China, exposing it to geopolitical and economic risks.
Macau’s blanket ban and its impact
Macau¡¯s recent blanket ban on gambling advertising has stirred debate on whether it could hurt the region¡¯s competitiveness. But Yuksel believes its impact is overstated. ¡°VIPs and premium mass players don¡¯t respond to ads¡ªthey care about luxury perks, not billboards,¡± he said. ¡°Singapore¡¯s advertising rules are even stricter. There aren¡¯t even ATMs in the 바카ë¼.¡±
Singapore¡¯s tight regulation isn¡¯t a limitation; it¡¯s the country¡¯s biggest asset. Yuksel calls this ¡°regulatory excellence.¡± While Macau remains vulnerable to sudden policy shifts, Singapore offers consistency. Yuksel notes that Macau is under the constant shadow of political interference. One crackdown or scandal could shake its core.
What sways high-value customers, according to Yuksel, is not ads but seamless value: first-class flights, Michelin-star cuisine, vintage alcohol, private hosts, and exclusive suites. In that arena, Singapore has quietly positioned itself as the ¡°Swiss of Asia¡±¡ªneutral, dependable, and appealing to elites from across the region.
Can Singapore surpass Macau as Asia¡¯s most prestigious IR destination?
Looking ahead, Yuksel believes Singapore could soon become the world¡¯s first ¡°post-gambling¡± integrated resort destination, where the primary draw is everything else but the 바카ë¼. ¡°Marina Bay Sands already earns nearly half its revenue from non-gaming. The future IR won¡¯t eliminate 바카ë¼s, but will relegate them to optional features.”
¡°Macau remains unmatched in raw gaming volume, but prestige isn¡¯t just about the size of your ë°”ì¹´ë¼ floor¡ªit¡¯s about perception, experience, and long-term trust.¡±
– Freelance Gaming Consultant Aydemir Yuksel
Yuksel is clear, “A ‘post-gambling’ IR doesn¡¯t mean removing the 바카뼡ªit means making it a secondary or optional feature.” The core attraction for such resorts become everything else: lifestyle, entertainment, wellness, culture. He envisions an ecosystem combining Hyatt, Live Nation, and The Museum of Modern Art (MoMA):
- A Park Hyatt-style luxury hotel with long-stay residences, wellness centers, and AI-driven service.
- A Live Nation partnership to bring global residencies¡ªColdplay, Jay Chou, Blackpink, even esports tournaments.
- A MoMA-inspired cultural zone with modern art, immersive exhibitions, and partnerships with global museums and universities.
Singapore¡¯s IRs are already investing heavily in this direction. Las Vegas Sands Corp, which owns and operates MBS, officially broke ground on the long-anticipated second phase of its MBS complex in Singapore. The expansion ¨C described as a bold step forward in luxury tourism ¨C is expected to be completed by June 2030, with a public opening planned for January 2031. Similarly, Resorts World Sentosa recently opened its Singapore Oceanarium as part of its SG$6.8 billion expansion. Located on Sentosa Island, the facility is now three times larger than its predecessor. It aims to offer visitors a more immersive and educational exploration of marine life and ocean conservation.
The strategic edge
Ultimately, the prestige race between Singapore and Macau won¡¯t be won by footfall or slot machine density, according to Yuksel. It will come down to who delivers deeper, richer, more secure experiences for high-spending visitors.
¡°It¡¯s not about how many people you bring in¡ªit¡¯s about who they are, what they spend, and how long they stay,” Yuksel said. ¡°And on that front, Singapore has the strategic foundation to overtake Macau¡ªespecially if it continues leaning into bold, experience-driven innovation.¡±
Asia’s shift away from a 바카ë¼-first model
As Asia¡¯s IR landscape evolves, a growing number of countries are actively shifting away from a 바카ë¼-first model, instead prioritising non-gaming investments to create more sustainable, experience-driven integrated resorts. Singapore continues to lead this transformation with major expansions in entertainment, retail, and hospitality. Macau has committed over $16 billion to non-gaming initiatives, including cultural zones and family-friendly experiences.
Japan¡¯s upcoming Osaka IR focuses heavily on exhibitions, wellness, and traditional heritage, while South Korea¡¯s resorts are blending K-pop arenas, art galleries, and shopping complexes. In the Philippines, Entertainment City is evolving into a multi-purpose leisure destination, and Vietnam is developing resorts that emphasise beach tourism and eco-conscious experiences. This regional shift marks a strategic move towards long-term prestige, reduced regulatory risk, and enhanced international appeal.
