Singapore May Allow A Casino To Open After All

17.03.2004, Lesen Sie hier den Bericht über «Singapore May Allow A Casino To Open After All».

In a major departure from its past thinking, the government may allow a casino on one of the southern islands to woo international talent, tourists and investments. Expanding on Deputy Prime Minister Lee Hsien Loong's announcement on Wednesday to permit the sale of landed properties at Sentosa Cove to foreigners, Trade and Industry Minister George Yeo disclosed plans for a 500- hectare resort and residential development linking Sentosa by boat or bridge to the Southern Islands three kilometres away.

The development is modelled on Atlantis on Paradise Island in the Bahamas, but Brigadier-General Yeo said it will be uniquely Singapore. It will feature a comprehensive range of facilities including attractive beaches, hotels, private residential homes, marinas, sports complexes, convention centres, health spas, retail and food and beverage outlets. And it may include a casino. 'We are keeping an open mind on what to have in this development, including the possibility of having a casino,' BG told Parliament during the debate on his ministry's budget. 'What we envisage is an international facility separate from Singapore but accessible to all Singaporeans, with more relaxed rules to attract international talent, visitors and investments.'

If Singapore goes ahead with the casino, thus scrapping a long- standing ban, BG Yeo said the government will put in place control measures to limit its access to Singaporeans and to prevent organised crime. Singapore now allows lotteries and betting on horse races but has repeatedly rejected suggestions for a casino, arguing that the social dangers outweigh the potential for profit.

Taxes from lotteries make up a tenth of the government's $16.5 billion tax revenue, estimates Song Seng Wun, an economist at GK Goh Research. 'The government is persuaded that economic benefits from more government revenue may in some way give them more flexibility with the uncertain economic cycles these days,' he told. 'This is one stone they're certainly turning.'

Observers say a casino may not only help maintain Singapore's position among the front rank of cities, but will also help provide jobs in an economy where the unemployment rate was close to a record high in the past year. It will put Singapore in competition with Malaysia's casino run by Genting Bhd, Asia's largest publicly traded casino group by market value, and with gaming facilities in Macau. On other fronts, Singapore is facing some new challenges from neighbours. BG Yeo singled out Thailand's attempt to develop oil trading to rival Singapore's. 'Thailand's value proposition is in part driven by the desire of the North-east Asian countries, which are highly dependent on oil shipped from the Middle East through South-east Asia, for greater energy security,' he said.

Singapore still has the edge. 'Oil trading, bunkering and refining are traditional strengths of Singapore,' BG Yeo said. 'Ships have called on Singapore for bunkering since the days of the steamship. Over the years, we have also built Singapore up to be the third biggest oil-trading centre after London and New York.' Still, he cautioned, Singapore must watch its costs and continue to provide a global business-friendly environment. 'We are studying Thailand's moves and, where necessary, will respond to them in a timely manner.' According to BG Yeo, Singapore's external space is expanding. Asean is integrating faster than expected and Singapore's links to China and India is also growing rapidly. At the same time, Singapore's free trade pacts are opening more opportunities. 'We must encourage more of our companies, especially our SMEs, and more of our young people, to venture overseas.'

BG Yeo said that if Singaporeans can make the breakthrough in their mindset and fan out from Singapore, the country's gross national product in 10 years' time will be significantly greater than its gross domestic product, which takes into account only income that arises within the geographical confines of the country but not income earned abroad as in the national measure.

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--- Ende Artikel / Pressemitteilung Singapore May Allow A Casino To Open After All ---


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