BestCraps.com

Singapore Aiming To Boost Tourism Through Casino Resorts

Posted on June 16th, 2010

News Sponsored by Online Vegas Casino

Rated 5 Stars by BestCraps.com

Read Review

Visit Casino

Download Software

————————————————

After 40 years of forbidding gambling in Singapore, the government finally lifted its ban on the activity in 2005, initially authorizing two casino resorts in the island nation, The Marina Bay Sands, owned and operated by Las Vegas Sands, a company based in Las Vegas, and Genting Malaysia’s Resorts World Sentosa. The legalization of gambling in Singapore has strengthened Asia’s newly acquired status as the gambling center of the world, with Macau taking the lead as the world’s largest and most lucrative gambling hub, already overtaking Las Vegas in gambling revenues.

Singapore, a tiny island country that has no natural resources, relies heavily on its tourism as much as it does on its financial sector. The two gambling facilities in Singapore are the largest private-sector investment ever in Singapore, according to John Galaviz, an independent tourism analyst in Las Vegas. Observers say that with more international tourists coming in to visit the casinos, Singapore expects its GDP to increase by at least half a percentage point a year.

Singapore wants to assert itself as a tourist vacation destination instead of just a brief stop for long distance flights, and is counting on the casino resorts to bring in the tourists and the revenues. Although the casinos are the major revenue-generating facilities, Marina Bay Sand and Resorts World Sentosa have also highlighted their other features like malls, museums, amusement parks and convention centers. At Marina Bay Sands, less than 3% of the 6.3 million square-foot resort has been used for the casino area, while at the Resorts World Sentosa, the gaming area occupies about 3% of the 5.3 million-square foot complex. Eugene Tan, assistant law professor at Singapore Management University School of Law, said because of these family-friendly attractions of the resorts, the casinos have somehow been accepted by those people who are hostile to gambling.

Singapore’s laws have always been strict. Many of its residents who are used to the social stability in the country, therefore, are upset over the legalization of gambling. Tan said most people in Singapore, especially the critics of gambling, have sensed a lack of determination on the part of the government regarding the negative consequences of gambling on society. Aaron Fischer, head of consumer and gaming research at CLSA Asia-Pacific Markets said gambling-related problems are expected to rise and more Singaporeans would become gambling addicts especially since the casinos are situated very near the city center. Singapore’s Institute of Mental Health has already recorded an increase in cases of gambling addiction. Kay Tham Lim, general secretary of the National Council of Churches who is strongly against the casinos, said it’s not only addiction that is an upshot of gambling, but more so the lives and marriages destroyed, financial ruins and suicides.

To address these anticipated problems, the government of Singapore has created an exclusion list that problem gamblers can put their names on if they want themselves to be denied entrance to the casinos. Singaporeans and permanent residents are also asked to pay an entrance fee equal to US$70. Many are also raising concern on the economic impact of the casinos, saying that money that could have been spent at Singapore’s other business establishments will instead be used by residents to gamble at the casinos. But Robin Goh, spokesman for Resorts World Sentosa claims the effects of the casino resorts that would endure for a long time would be the employment they will generate and the world’s awareness of their existence.

Gillian Koh, a senior research fellow at the National University of Singapore’s Institute of Policy Studies said the casinos, with its added wholesome facilities, could turn Singapore into a city with the best dining and entertainment in the world.