Industry Research

Southeast Asia to cause potential drop in Las Vegas' gambling stats

29 Jan, 2012 By: Meagan Drillinger

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Southeast Asia is on the verge of introducing yet another gambling destination, which could very will push Las Vegas even farther down the ladder of world's gambling capitals.

Japanese arcade-game maker Universal Entertainment Corp. is working on acquiring a local partner to open a $2 billion gaming and entertainment complex in Manila, Philippines, slated to debut in 2014, according to ABS-CBN News.

The project will be home to shopping establishments as well as two luxury casino hotels with over 1,000 rooms, a budget hotel and more. It will attract investments of at least $5 billion over the next five years.

The Philippines is just the next link in a long chain of gaming destinations that have successfully surged throughout the region. In addition to Macau, the most famous gambling center in Asia with 33 casinos, raking in $23.5 billion in 2010, Singapore is on pace to generate more gaming revenue that Las Vegas, according to msnbc. "The final numbers for 2011 aren't quite in yet," Holly Wetzel, spokesperson for the American Gaming Association told msnbc. "But it is anticipated that this year Singapore could surpass Las Vegas as the world's second-largest gaming market." In 2010 Singapore brought in $5.1 billion, while Vegas brought in $5.8 billion in gaming revenues. It is anticipated that in 2011, Marina Bay Sands and Resorts World Sentosa could bring in $.6.4 billion, higher than Vegas' totals of $6.2 billion.

One of the potential reasons for Southeast Asia's gambling surge is its record-number of gamblers. China's sheer volume of millions and millions of gamblers alone has attributed to the rising growth of the gambling industry in this region. Las Vegas, while appealing to international tourists, is still a bit of a stretch for the majority of Asia travelers, who cannot afford the trip to the United States. These Southeast Asia establishments are within a much shorter, and affordable, distance. Big international gambling companies like Las Vegas Sands and Wynn have already turned to Southeast Asia in order to expand their empires, and it is only a matter of time before more follow suit to tap into this resource.

Topic : Southeast Asia Gaming, Casinos, Gambling Industry
External Source : ABS CBN News, msnbc