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We Americans like to think that no other nightlife and gambling scene can rival the mischief and mayhem found in Las Vegas. But consider the dollar earnings of our treasured Sin City, and you get another story.

In 2006, it lost its title as the gambling capital of the world to Macau, which became the most lucrative city for high-stakes fun in the market. And now, Vegas is about to lose its runner up position as well – this time to Singapore.

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The American Gaming Association has projected that the city-state will become the world's second largest gambling hub with forecast earnings of $6.4 billion. This figure will allow Singapore to surpass Vegas, which is expected to bring in $6.2 billion, in the rankings. Last year, Singapore opened its first two casinos and netted $5.1 billion in gaming revenue.

So what accounts for our beloved city of Lost Wages falling to number three? Logically, Vegas is a mature market with little potential for big growth, reports the Associated Press.

In contrast, Macau boasts a yearly growth of 25 to 50%, says Frank Fahrenkopf, president of the association. Last year, the city earned an astonishing $23.5 billion, putting it in a league of its own.

But of course, Vegas hasn't lost all of its glory. Where else can you walk down the Strip, watch Celine Dion and, most importantly, mutter those infamous words of “what happens in Vegas stays in Vegas?"

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