Casinos pay off for Singapore
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Singapore, which once took a puritanical view of casinos and the evils of gambling, is now profiting handsomely from it.
The number of tourist arrivals in a single month exceeded one million for the first time in July and the lure of casinos is believed to have had much to do with the record figure. One million arrivals is equivalent to one fifth of Singapore’s total population – and that in a single month.
The city state uses the term Integrated Resort to refer to its two casino-based holiday resorts, which also include shopping malls, convention centres and theme-park entertainment. Marina Bay Sands and Resorts World Sentosa are the first casinos in the country and both started up this year.
The casinos are pulling plenty of money. Resorts World Sentosa reported revenues of SGD636.5 million in the three months to June. The casino complexes are expected to contribute about USD1.5 billion to Singapore’s economy this year.
They represent the first legal private-sector gambling in Singapore since 1823, when gambling was briefly legalised in the then-British colony. It caused social problems and was outlawed three years later. Since then, the only legal gambling in Singapore has been the state-run lottery – until now.
Casinos must charge an entry fee of SGD100 (about AUD83) to Singaporean citizens and permanent residents, to deter “problem gambling” – although gambling addicts would probably find the money.
Singapore has set a target of between 11.5 million and 12.5 million visitors this year and few analysts doubt that the casinos will help.
Written by : Peter Needham
