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