Singapore is set to overtake Las Vegas as the world’s second-largest gambling hub this year, according to a US gaming industry head, as Asia cements its place as a major betting market.

Singapore has emerged as Asia’s hottest new gambling destination with a revamped cityscape and billions of dollars pouring into the economy, after the opening of two resort casinos last year.

The strong growth came after Macau overtook the Las Vegas Strip as the world’s biggest gaming hub in 2006 and now boasts a gaming market almost four times as large as that of Vegas, thanks to burgeoning numbers of wealthy Asians.

The two resort casinos in Singapore posted $5.1 billion in gaming revenues last year, a figure forecast to rise to $6.4 billion this year, according to Frank Fahrenkopf, president of the American Gaming Association.

A report citing research by the Royal Bank of Scotland has suggested Las Vegas will take $6.2 billion this year.

“Now more than a year old, the two integrated resorts in Singapore have exceeded all expectations and turned the nation into Asia’s second global gaming superpower,” Mr Fahrenkopf said.

“The country’s gaming market will likely overtake Las Vegas as the world’s second-largest gaming centre as early as this year,” he said.