Singapore Finds Casino Success

Singapore Finds Casino Success

Posted on 06/01/12 - by Theodor Mavrodis News

Singapore's revenues from its two casino resorts has grown dramatically in recent years, with 2011 gambling revenues in Singapore eclipsing that of the Las Vegas Strip.

Casinos are still a relatively new phenomenon in Singapore, with 2011 the first full year of operation for the two mega casino resorts -- Marina Bay Sands and Resorts World Sentosa -- that were built there as two of the world's most expensive casino projects.

Some feared the ventures would be a flop in a city much more conservative than Las Vegas but so far the casino experience in Singapore has been a huge success, with about $6 billion in gambling dollars taken in for 2011, outpacing what the 39 casinos on the Las Vegas Strip were able to manage for the year.

The two resort casinos in Singapore also profited handsomely away from the tables as well, with the various entertainment, dining, and shopping options raking in an estimated profit of $1.5 billion on the year, making them two of the most profitable resorts in the world for owners and operators Las Vegas Sands and Genting Group.

Tourism as a whole in Singapore has prospered alongside the opening of the casinos, with 15-20% growth in both the total number of visitors and the average expenditure per visitor in 2011.

The Marina Bay Sands resort includes one of the world's largest convention centers as well as theaters, museums, and a shopping mall, as well as over 2,500 hotel rooms. Resorts World Sentosa sports a circus stage, maritime museum, and what will be the world's largest aquarium.

Like casinos in Macau, Singapore has profited from attracting high roller play at games such as baccarat, and has also implemented taxes and higher table stakes in an effort to encourage the casinos to market abroad instead of relying on local gamblers. 

As seen in rapid growth in Macau, the appetitie for gambling in Asia still remains strong, with many analysts predicting more strong growth for both Singapore and Macau in coming years.