Luck turning
But most analysts are not too concerned about the bad debt issue. Both IRs are close to recovering their entire development costs - $7 billion for RWS and $8 billion for MBS - and have been careful in managing their finances.
Thus, Singapore has been a great investment for Las Vegas Sands and Genting Singapore. It is seen as "an annuity" that will consistently generate US$6 billion or so in gaming revenue annually, said analyst Grant Govertsen of Union Gaming Research Macau.
Some recent developments have also been encouraging.
A Bill tabled in Parliament on Sept 8 would block access to unauthorised online gambling websites and money transfers to and from these sites, indirectly helping the two IRs as online gambling would cannibalise their business.
The ongoing anti-corruption drive in China and transit visa restrictions for Chinese gamblers have also hurt the VIP business of Macau casinos and may send thwarted gamblers to Singapore's baccarat and roulette tables.
Mr Govertsen believes MBS is likely to see a pickup in Chinese VIP players and expects this to continue to the end of this year and into 2015.
On the other hand, more competition may be on the cards from South Korea and Japan, which are considering legalising casino gambling. But most analysts say this will lead to a larger overall gaming market, presenting new opportunities rather than eating into existing players' market shares. "Any new casinos in places like Japan or Korea are likely to attract northern Chinese, who are generally not visiting Singapore today," Mr Govertsen said.
But he added that if some of Singapore's closer neighbours, such as Vietnam, start to allow casinos, that could cause the Republic to lose some market share.