For decades, Las Vegas was the undisputed mecca of the gambling world. This was where true brick and mortar gambling establishments sprouted and the world’s very best gamblers cut their teeth at tables in Vegas casinos. But as globalization slowly crept up on us, the city soon found itself up against competition in various other parts of the world – the most threatening being the Chinese enclave of Macau. In a few short years, Macau overtook Las Vegas in terms of revenue, pushing the US city down to a very significant number two spot on the list.
However, Las Vegas is facing a newer threat right now and may see itself pushed down even further on the list to the number three spot.
It has been reported that the two casinos in Singapore, another Asian destination, will produce more revenue than Las Vegas by the end of this year – an incredible achievement for a country where gambling was only given the green light a few short years ago. A report on CNBC this week showed that a recent study by the Bank of Scotland predicted that revenues for Singapore’s two big casinos will eclipse revenues earned from all Vegas’ casinos together. Revenues from Singapore’s casinos will produce $6.4 billion, while Vegas’ casinos will produce $6.2 billion. Let me reiterate that Singapore only has TWO land based casinos which have been running for around ONE YEAR only!
The two casinos in Singapore, the Marina Bay Sands and the Resorts World Rentosa brought in combined revenues of $5.1 billion last year, and their success is only expected to grow. Singapore is considered a very safe place in terms of investment and government intervention. Add to that a reputation of almost no corruption and high work ethics, and you have a winning recipe for excellence in the gambling industry.
A love for gambling among Asians, as well as fast growing economies mean that Singapore and Macau can only continue to grow in popularity, while Vegas battles to beat off the sluggish US economy and attract gamblers.
