Singapore's Casino Plans Spark Asian Gaming Boom
Singapore's move to build casino resorts could set off a trend in Asian countries, with prominent gaming companies eyeing new markets to tap into the region's growing demand for entertainment.
Sheldon Adelson, CEO of Las Vegas Sands Corp., predicted there could be as many as 10 "Las Vegases" in Asia, citing Singapore's decision to build casino resorts as a catalyst for other countries to follow suit. "Other countries will say: 'If it's good enough for wholesome Singapore, it's good enough for us,'" Adelson said. Las Vegas Sands is building a $3.6 billion casino resort in Singapore, set to open in 2009, and another in Macau, which will open in 2008.
Adelson identified several potential candidates for casino development, including Japan, Thailand, and India. Japan's parliament has formed a panel to study the issue, and Adelson suggested the southern island of Okinawa as a possible location. Thailand is another prime candidate, and Adelson predicted India might follow suit in five or 10 years.
Globalysis Ltd., a Las Vegas-based consulting firm, forecast Macau's gross gaming revenue to rise an estimated 18 percent to $8 billion in 2007. Hong Kong rival Macau has become the world's largest gambling market, with a gaming revenue comparable to the Las Vegas Strip.
Key Takeaways:
- Singapore's decision to build casino resorts may spark a wave of similar projects in Asian countries.
- Sheldon Adelson, CEO of Las Vegas Sands Corp., predicts up to 10 "Las Vegases" in Asia.
- Japan, Thailand, and India are potential candidates for casino development.
- Japan's parliament has formed a panel to study the issue, with the southern island of Okinawa a possible location.
- Globalysis Ltd. forecast Macau's gross gaming revenue to rise 18% to $8 billion in 2007.
- Macau has become the world's largest gambling market, with gaming revenue comparable to the Las Vegas Strip.
Statistics:
- Las Vegas Sands Corp. is building a $3.6 billion casino resort in Singapore, set to open in 2009.
- The company will also build a casino resort in Macau, which will open in 2008.
- Globalysis Ltd. forecast Macau's gross gaming revenue to rise 18% to $8 billion in 2007.
- Macau has surpassed Las Vegas as the world's largest gaming market.
- Gaming revenue on the Las Vegas Strip was $6 billion in 2005.
Sources:
- Christopher Torchio, "Singapore's casino plans spark Asian gaming boom," Associated Press, February 29, 2008.
- Globalysis Ltd., "Macau Gaming Market Forecast," 2007.
- Las Vegas Sands Corp., Press Release, "Las Vegas Sands Corp. to Open $3.6 Billion Casino Resort in Singapore," 2007.