Watch out Vegas, here comes Singapore. According to gambling industry executives, the Asian city-state is set to replace Las Vegas as the second biggest casino market in the world. Macau remains number one.

Last year, Singapore, which opened its first two casinos in 2010, raked in $5.1 billion in gaming revenue and could bring in as much as $6.4 billion this year. Vegas brought in $5.8 billion last year but is not expected to earn much more in 2011 as the city is a mature market with little potential for big growth.

Macau replaced Las Vegas as the number one gambling destination in 2006, and the special administration of the People’s Republic of China is in no danger of losing its top spot. Gambling revenue in Macau reached $23.5 billion last year and monthly revenue has grown by at least 42% from February to May.

"It's going to be an extremely good year here in Macau," said Frank Fahrenkopf, president of the American Gaming Association at a gambling industry conference in Macau, adding that annual revenue will grow 25 to 50 in 2010.

Visitors to Macau, aka “The Monte Carlo of the Orient,” primarily come from mainland China and Hong Kong though more and more foreigners are drawn to the Asian gambling mecca each year.

Forbes

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