Singapore set to rival Las Vegas gaming industry

Singapore is well known for its flourishing gaming industry with a range of world class casinos and gambling services. Now financial experts are suggesting that Singapore could be well on the way to outshining Las Vegas from the point of view of generated revenue. The latest research from Genting Singapore and the Las Vegas Sand’s Marina Bay Resort has revealed that Singapore’s gaming market is worth an astounding $4 billion a year. This alarming statistic indicates that Singapore could overtake Las Vegas by the end of 2011. Galaviz & Company, a gambling consultancy firm based in Las Vegas estimates that Singapore will generate $3.5 billion by 2011 whilst Las Vegas will generate revenue worth $5.8 billion. Goldman Sachs, meanwhile, estimates that the market could be worth even more and may generate a massive $5 billion by 2011.

Genting Resorts World Sentosa, for instance, is a case in point. Despite opening a casino only a few months ago, the company has already produced some staggering earnings with figures reaching as high as $633 million. Experts are suggesting that revenue only looks set to rise.

Commenting on the findings, the University of Nervada’s Andy Nazarechuk argued that many will continue to travel to Las Vegas to gamble. He notedthat Asian players will, however, be more likely to “make only one trip” to Las Vegas and will instead visit venues closer to home. It is clear that the industry only looks set to strengthen its hold as it continues to grow and attract even more players to some of the world’s most high profile casinos.