“We have a more cautious view of China’s economic performance,” bank group Nomura said, adding that it is in line with data on outbound tourism from China to regional destinations, including the Singapore casino jurisdiction, and Thailand, another popular destination for Chinese people.

Analysts Juven Paracuels and Sharnon Bunnucci pointed out in a note Monday that there has been a “slowdown” in outbound tourism in China.

Nomura analysts said, “The number of foreign tourists visiting Singapore fell from 77.3 percent in September to 73.6 percent of 2019 levels in October, which led to a drop in the number of Chinese tourists (54.6 percent to 47.5 percent).”

Singapore government data showed that the total number of visitors to the country in the first 10 months of this year was about 71% of 2019 levels.

In particular, the regional recovery seen in China’s outbound tourism “lost momentum after pent-up travel demand was announced since the reopening of borders in early 2023,” Nomura’s Monday note suggested.

Analysts cited easing of COVID-19-related travel and other restrictions on people departing from China and China.

Nomura said China’s modest economic performance “could weigh on the recovery of tourism across the region.”

“In Singapore, gross domestic product (GDP) growth is expected to rise slightly in the third quarter to 1.4% year-on-year, with the travel and tourism sector providing less tailwind,” the agency said.

One of the goals of establishing a casino double window in Singapore more than a decade ago was to increase gross domestic product (GDP) through inbound tourism.

The two operator markets comprise Resorts World Sentosa, run by Genting Singapore Ltd, and Marina Bay Sands, run by an affiliate of Las Vegas Sands Corp, which is also the parent of Macau casino operator Sands China Ltd.

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