Singapore is poised to pass las vegas in gaming revenue

Singapore is poised to pass Las Vegas in gaming revenue this year, meaning that the former world gambling capital could drop to No. 3.

The current top gaming destination is Asia's Macau. Singapore has only two 1-year-old casino resorts — the Marina Bay Sands and Resort World Sentosa — but they are large complexes that attract Asian high rollers.

Frank Fahrenkopf Jr., CEO of the American Gaming Association, cites reports saying that Macau racked up $23.5 billion last year, followed by Vegas with $5.8 billion. Singapore logged $5.1 billion, and Royal Bank of Scotland says it may take in a projected $6.4 billion this year and beat Sin City (a projected $6.2 billion).

Las Vegas Convention and Visitors Authority CEO Rossi Ralenkotter counters that the city has diversified in recent years: "Tourism generates more than $37 billion annually for the local economy, and less than 30% represents gaming." Asian tourism to Vegas also increased by 20% last year, the Las Vegas visitors authority says.

Source: USAToday.com