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 According to industry analysts Singapore is on track to overtake Las Vegas as the second biggest gambling destination in the world. Only a year after opening, Marina Bay Sands (pictured right) and Resorts World Sentosa have brought in more than $5.1 billion in revenue and that number is expect to rise by 25% in the coming year. As the gambling industry in Asia continues to grow, Las Vegas revenues continue to decline.
Gaming analyst Jonathan Galaviz of Galaviz & Company told NBC news that "he believes that Singapore's reputation as a safe and corruption-free global city has been key in boosting its competitive advantage in Asia's casino industry."
The majority of Singapore's casino patron's are locals who make up about 60% of the casinos' customer base. Some industry experts worry that after the novelty surrounding the new complexes wears off Singapore could see less industry growth. In order to boost tourism in the long run, Singapore plans to have a Universal Studios theme park and a Grand Theater constructed.
Right now there is still plenty of room left for growth. Many high stakes gamblers are still awaiting the approval of junket licenses by the CRA. Junket operators provide credit to high stakes players and bring high rollers to a casino in return for commission. Once junket operators are in place Singapore could expect to see billions in added revenue.
As always, stay tuned to Casinofan for more news and updates.
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