Global Biz

Singapore to take No 2 gambling spot from Vegas

(Agencies)
Updated: 2011-06-07 17:22

MACAU - Gambling industry executives say Singapore is set to overtake Las Vegas to become the world's second-biggest casino market as early as this year.

Frank Fahrenkopf, president of the American Gaming Association, said Singapore raked in $5.1 billion in gaming revenue last year and could bring in up to $6.4 billion this year. The city-state opened its first two casinos last year.

Las Vegas earned $5.8 billion in casino revenue last year, but is a mature market with little potential for big growth.

Fahrenkopf made the prediction Tuesday at the start of a gambling industry conference in Macao.

He said "it's going to be an extremely good year here and in Macao," where annual revenue will grow 25 to 50 percent this year.