Who would have thought that in a little over a year, Singapore would be set to overtake Sin City in the gambling stakes?
According to Frank Fahrenkopf, president of the American Gaming Association, in a report by The Straits Times, the two integrated resorts — Resorts World Sentosa and Marina Bay Sands — posted US$5.1 billion (S$6.3 billion) in gaming revenues in 2010, a figure forecast to rise to US$6.4 billion (S$7.89 billion) this year.
A report citing research by the Royal Bank of Scotland has suggested Las Vegas will take $US6.2 billion (S$7.63 billion) this year.
This figure puts the island-state ahead of Las Vegas, once regarded as the world’s best gambling destination, but still a long way off from market leader Macau which is posting more than 40 percent growth and cashed in US$23.5 billion (S$28.9 billion) in 2010.
The association remains optimistic on Singapore, estimating it’ll rake in 25 percent year-on-year growth in gross gaming revenues this year.
While Singapore may never overtake Macau in the gambling stakes, it could well give Macau a run for its money in due time.
In a report by Channel News Asia, Fahrenkopf highlighted that Macau faces several problems that could put a damper on its continued growth, principally a government cap on the number of new gambling tables at 5,500 until 2013; a quota that is already nearly filled and will restrict growth to around four percent a year.
Related Posts
Dominica to implement measures to cushion impact of Middle East war on local economy
Prime Minister Roosevelt Skerrit shared that we are exposed to the economic…
