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Las Vegas to Lose No. 2 Gambling Spot to...

...Singapore

By the Associated Press

Posted Jun 7, 2011 9:05 AM CDT

(AP) – Asia will be home to the world's two biggest casino markets as early as this year, with Singapore set to take the No. 2 spot from Las Vegas, a US gambling industry group said today. 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, which lost its No. 1 spot to Macau in 2006, earned $5.8 billion in casino revenue last year, but is a mature market with little potential for big growth, says the American Gaming Association president.

Gambling revenue in Macau, by far the world's most lucrative gambling market, hit $23.5 billion last year, and monthly revenue has grown by at least 42% from February to May. High-rollers from mainland China coming to Macau are a big source of cash for casinos, accounting in some cases for up to 70% of revenues. Gambling in big amounts is easy for high-spending mainland Chinese—so-called junket operators lend them money for their gambling, and debts aren't collected until the gamblers return to China. But a possible crackdown on these operators could also limit expansion in the booming Asian industry.

Woman holds a child in front of the Marina Bay Sands, Tuesday, April 27, 2010, in Singapore.
Woman holds a child in front of the Marina Bay Sands, Tuesday, April 27, 2010, in Singapore.   (AP Photo/Sam Kang Li)
A game dealer waits at the Marina Bay Sands after the casino opened Tuesday, April 27, 2010, in Singapore.
A game dealer waits at the Marina Bay Sands after the casino opened Tuesday, April 27, 2010, in Singapore.   (AP Photo/Sam Kang Li)
Game dealers are seen at Resorts World Sentosa, Sunday, Feb. 14, 2010 in Singapore.
Game dealers are seen at Resorts World Sentosa, Sunday, Feb. 14, 2010 in Singapore.   (AP Photo/Joan Leong)
A staff member checks on a gaming machine at the Global Gaming Expo Asia in Macau Tuesday, June 7, 2011.
A staff member checks on a gaming machine at the Global Gaming Expo Asia in Macau Tuesday, June 7, 2011.   (AP Photo/Kin Cheung)
A staff member walks pass slot machines at the Global Gaming Expo Asia in Macau Tuesday, June 7, 2011.
A staff member walks pass slot machines at the Global Gaming Expo Asia in Macau Tuesday, June 7, 2011.   (AP Photo/Kin Cheung)
Chairman of Resorts World Sentosa and the Genting Group, Tan Sri Lim Kok Thay, buys tips for his first play, Sunday, Feb. 14, 2010 in Singapore.
Chairman of Resorts World Sentosa and the Genting Group, Tan Sri Lim Kok Thay, buys tips for his first play, Sunday, Feb. 14, 2010 in Singapore.   (AP Photo/Joan Leong)
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COMMENTS
Showing 3 of 6 comments
Lioness
Jun 7, 2011 11:45 PM CDT
I live in Vegas now... and still cannot see what attracts so many people here.  It's a one-industry, ambitionless town with no culture and cheap knock-offs.  Casinos run everything out here, and the politicians seem to see no reason to change that.  They just keep building more casinos, hoping it will attract more business and families. But people are moving out in droves; there is a serious problem with brain drain.  We're hoping the politicians will take the hint... but I doubt it.
flin1
Jun 7, 2011 10:54 AM CDT
I've done some traveling,  mostly Europe but a few days in Tokyo, Guam and Hawaii.  Oh yeah, Alaska, Canada and Mexico border towns and all over the continental U.S. I finally got some cheap tickets and went to Vegas with my family over a long weekend.  I quickly came to the conclusion that Vegas is the least interesting, least sexy, most boring travel destination on the planet.  After two days I was counting the hours till I could get the hell out'a there and go back home, and I live in freakin' Kansas!  Anyone who's seen the real Eiffel tower or Venice realizes that Vegas is a joke.  It's sterile and soulless.  You're nothing but a walking wallet to those bored casino and hotel employees.  I will add that I'm not a gambler though I played one hand of blackjack and won $10.  That prolly puts me in the top 1% of all the gamblers with me there that weekend.  I like stage shows but they were all way too expensive.  We paid $80 a ticket to see Penn and Teller.  You can see Broadway shows for way less than that if you're clever and don't mind waiting in line.  Conclusion:  Vegas can dry up and blow away.  Wanna take a trip?  Go to Paris, or Amsterdam or freakin' Macau.  Vegas sucks.
Yourself
Jun 7, 2011 10:10 AM CDT
Vegas is DEAD. it's New-Detroit people! When the casino execs started opening casino's in every other country, and then wondered out-loud "why aren't they coming to Vegas anymore" that's when it died. Just like Detroit, but there it was the removal of the car industry, leaving CEO's wondering "why aren't people in Detroit buying cars, or all unemployed?!?". I'm glad I moved out of Vegas earlier this year! Wish I'd done it a year sooner to be honest! Oh, and let us not forget the water shortages they will have (already having to be honest) The lack of any other industry outside of gaming (and try as they might, they won't attrack another one!) The fact that they STILL haven't figured out how to get a solar power industry going (cheap labor to be had when unemployment is still at 13%!) The fact that other then casino's, there's NOT MUCH to see! (hoover dam and Red Rock) Vegas is dead, the next modern ghost town... New-Detroit!

Copyright 2012 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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