Singapore On Pace to Pass Las Vegas in Gaming Revenue

As early as this year, Las Vegas will fall to third on the list of the world’s biggest casino markets, as the Southeast Asian city-state of Singapore is set to overtake the second spot, a U.S. gambling industry group said this week, according to the Associated Press.

Singapore, which opened its first two casinos last year after lifting a casino ban in 2005, raked in $5.1 billion in gaming revenue last year and could bring in up to $6.4 billion this year, according to Frank Fahrenkopf, president of the American Gaming Association. Singapore, a tourism hub in the region, was the fastest-growing economy in the world, with GDP growth of 14.5 percent for the year 2010, according to Bloomberg.com.

Las Vegas, which lost its no. 1 ranking to Macau in 2006, earned $5.8 billion in casino revenue last year.

“It’s going to be an extremely good year,” in Singapore and Macau, Fahrenkopf said at a gambling industry conference in Macau. Casino revenue in Macau will probably grow 25 to 50 percent this year, Fahrenkopf added, even after the world’s most profitable gambling market hit $23.5 billion last year.

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