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Asia now set to surpass U.S. in total gambling revenues, study says
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By Gene Koprowski
The thriving gambling resorts in Asia are set to supplant the U.S. in casino gaming revenue by 2012, according to a global industry survey released this week.


Booming resorts in Singapore, Macau and other Asian countries, are driving growth. Of 23 industry executives, analysts and academics polled, more than 80 percent said Asia's dominance was "very likely" or at the least, likely.

"The results foretell a remarkable future for the Asian gaming market," said Frank Fahrenkopf, president and CEO of the American Gaming Association , which conducted the survey. "There is no doubt this is an exciting time in Asia for the gaming industry." Fahrenkopf is a former head of the Republican National Committee, the fund raising arm of the Republican Party in the U.S.

American casinos earned $34.1 billion in 2007, according to the association. Asia's cache was estimated between $15 billion and $20 billion, the gaming association said.

The report was released ahead of a regional gambling conference in Macau, called The Global Gaming Expo Asia. That conference is set to run through this week.

Among other items of interest, a majority of the surveyed experts expect Macau to remain Asia's market leader. The southern Chinese gambling colony reported that revenues grew at an annualized rate of 41 percent from 2005 and 2007.
Last year, Macau casinos took in $10.3 billion, according to the government. In 2006, the former Portuguese colony surpassed the Las Vegas Strip as the world's top gambling center.

Government officials, and some industry leaders, in Macau, are now trying to control growth there. They want to limit the number of new licenses granted for the next few years, so as to ensure a solid revenue stream for casinos that are now under construction, and that will be coming online in 2010 or so.

Stanley Ho, the Macau gaming wizard, is said to be leading the move to limit expansion of Macau casinos for the time being. Authorities in Beijing are conferring with the billionaire entrepreneur, as are local government officials.



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