07 Jun '11, 1pm

Singapore

Singapore

MACAU - Singapore is set to overtake Las Vegas as the world's second-largest gambling hub this year, a US gaming industry head said on Tuesday, as Asia cements its place as a major betting market. Singapore has emerged as Asia's hottest new gambling destination with a revamped cityscape and billions of dollars pouring into the economy, after the opening of two resort casinos in 2010. The strong growth came after Macau overtook the Las Vegas Strip as the world's biggest gaming hub in 2006 and now boasts a gaming market almost four times as large as that of Vegas, thanks to burgeoning numbers of wealthy Asians. The two resort casinos in Singapore posted US$5.1 billion in gaming revenues in 2010, a figure forecast to rise to US$6.4 billion this year, according to Frank Fahrenkopf, president of the American Gaming Association. A report citing research by the Royal Bank of Scot...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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