Singapore Is The Place To Gamble
When the gambling bug hits, most people travel to Las Vegas where the gambling fun never stops!
This could change soon if it’s up to Las Vegas Sands Corp. Since the launch of this new casino in Singapore, the gambling world has been in a buzz ever since. Two of the world’s largest casino companies are trying their level best to oust Las Vegas as the gambling capital of the world and to make Singapore the new gambling oasis on the planet by means of attracting tourists in their millions.
Analyst for Morgan Stanley, Mark Strawn said, “Over a six month period Singapore has gone from zero to hero raking in a staggering $4.5 billion in gambling profits.” According to Baron’s the market is yet to expand topping up to $10 billion in gambling revenue by 2012.
Having seen the recent successes achieved in Macau’s gambling industry; Singapore has lifted its 40 year gambling ban and is fast becoming Asia’s gambling hotspot. To add oil to the fire, only two gambling licenses have been granted – as a result this has led to severe rivalry among Las Vegas Sands and Genting Singapore.
Barron’s Leslie P.Norton, feels there are still some issues that need to be ironed out and the Singapore government must watch out that the market does not become over saturated. Norton also said that Japan is set to give the nod for major gaming companies to set up offices on Japanese shores soon, once the gaming licenses have been finalised. However, it could take as long as a half a decade before the first gambling license to be issued.
“In order to have a successful casino, a million people is not essential to safeguard your market, especially when a large proportion of the gambling market is notoriously high-rollers, said Sheldon Adelson, chief executive of Las Vegas Sands”. “They never give up and they’re set to visit frequently, the good news for us is the Asian market has only just opened up and it’s far from being saturated…at least not in my lifetime”, Adelson concluded.