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Friday, April 22, 2005 Casinos in Singapore heh... dunno whether you've read the singapore papers but this is the biggest news yet!! share with you an article from "today"..SINGAPORE is to make an all-out bid to re-invent itself as an exciting tourist destination by building not one but two resort complexes that will each have — as a small but critical component — a casino. The dropping of a 40-year casino ban did not come as a surprise to many but Prime Minister Lee Hsien Loong nonetheless took pains to explain why his Government was taking this calculated bet twice over. In Parliament yesterday, PM Lee said: "This is a judgement, not a mathematical calculation. We see the trends and feel the need to move. Whichever way we decide, there are risks. If we proceed, the integrated resorts may not succeed or the social fallout may be worse than we expect. If we do not proceed, we are at serious risk of being left behind by other cities." He said critics are "mistaken" to think that it was a done deal right from the start, as most of his Cabinet ministers were originally against an integrated resort-and-casino idea — let alone two. But their views gradually shifted when they had a better understanding of how these complexes work. Some of the 19 conceptual proposals submitted were of "high quality", and that was when the ministers knew they had to "take the bids very seriously". Even then, the ministers "were still not unanimous" when they voted at a meeting on April 9. They first decided on whether to have an integrated resort-and-casino at all, and then whether to have one or two. Indeed, why two? Firstly, the resorts — at Sentosa and Marina Bayfront — will attract different crowds, said Mr Lee. While the Sentosa project will target families and tourists, the Marina Bayfront site will pull in the business and convention crowd. Casino operators — many of whom say they will build their Asia flagship project here — were not deterred by the competition, he said. Most said they "would not reduce" their investments if Singapore issued two licences. Said Mr Lee: "Some even preferred two projects, because this would create critical mass and attract more visitors. This showed that they were not worried about competing for a finite local market. They intend to grow the market." The Cabinet, he added, "seriously considered" banning Singaporeans altogether from gambling in the integrated resorts, but decided against it as rich Singaporeans can simply go to overseas casinos. Further, investors said they needed some local business even if this was not their main market. Hence, a slew of social safeguards — including admission fees and an exclusion system — will be put in place for Singaporeans. Along with that, the Government will set up a national framework to address problem gambling, including a National Council on Gambling. As GK Goh economist Song Seng Wun said: "This is Singapore's next leg of growth. It has to diversify and look for as many growth drivers as possible. If not, we can be held hostage to technology cycles, as seen in pharmaceutical products." The business community also welcomed the move to have two casinos. Ms Jannie Tay, CEO of The Hour Glass, said: "I have visited places with casinos like Korea and Melbourne, where the casinos have helped the places become tourism destinations. There is a market out there with the newly rich from India and China who have made a quick buck and want somewhere to spend it in style." 0 comments
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about Më NICKNAME: misa OCCUPATION: officially unemployed (no more school holidays! sienz) BIRTHDAY: 28feb, supposedly Pieces but am really an unromantic person with not much artistic inclinations except for the occasional off-key karaoke singing OTHER WACKY INFO: enjoys big-time nuaing! song of the moment Any Michael Buble songs hot links Ang moh song lyrics archives January 2005 |