Singapore so far winning in gambling stakes
Singapore cashes in as it unveils its new image as an exciting new tourist destination. The opening of two resort casinos expected to help double tourism revenue by 2015.
Eight years after Prime Minister Lee Hsien Loong rejected a proposal for casinos in Singapore, the city has well and truly opened its doors to gambling and all its repercussions.
The city-state, voted as Asia’s most liveable city in Mercer consulting survey last month, has seen a staggering increase in tourist revenue since the lifting of the 45 year ban on casinos. The Singapore Tourism Agency advised that the room and food revenue at the nation’s hotels rose 32 percent to S$223.7 million in April from a year earlier.
This is due in no small part to the opening of two new resorts, the Marina Bay Sands which opened on 27th April and the Resorts World Casino based on Sentosa Island. Figures suggest that approximately 550,000 people visited the Marina Bay Sands with two- thirds either tourists or foreigners living in Singapore.
The benefit of these resorts to the Singapore economy cannot be ignored. Between them they employ 16,000 workers and the tax revenue alone is roughly $400 million.
The Singapore Government hope to increase tourist numbers from 9.2 million in 2009 to nearly 16 million by 2015 and the city aims to boost revenue to S$30 billion by 2015 from S$12.8 billion last year.
There is a darker side to the gambling business however, which is starting to emerge in Singapore. An increase in fraud, embezzlement and identity theft has been reported by local media, and there are concerns regarding the increase of prostitution. The Singapore courts however say it is too early to tell what social impact the gambling will have.
