Economic
Question 1: For many years, no casinos were allowed in Singapore. Explain the government’s rationale for allowing two integrated resorts to be built in Singapore. Why was there this change in policy?
Question 2: Explain the economic impacts of the integrated resorts.
Expected Economic Benefits from Integrated Resorts
When the idea of building Integrated Resorts in Singapore was first introduced to the citizens, the government measured the expected economic benefits and social problems the Integrated Resorts would bring about. After much consideration, the government proceeded to build two Integrated Resorts – Marina Bay Sands and Resort World Sentosa. Over the past 10 years, many cities have reinvented themselves. In Asia, Hong Kong opened Disneyland in September 2005 and was in talks of building a casino in Lantau. In Thailand, Asia’s first IR, Laguna Phuket, consisting of seven deluxe hotels with an array of luxurious facilities and activities such as golf courses, spas, restaurants and water sports, was built. However, a casino was omitted due to Thailand’s strict laws against gambling (Expat Counsel - Criminal Law in Thailand Part LXXXVII: Gambling - Bangkok Post, 13 November 2011). In a statement on 18 April 2005, Prime Minister Lee Hsien Loong emphasised that there was a “pressing need” for Singapore to introduce new tourist attractions and revamp itself, and IRs provided a fresh, interesting and lucrative alternative (Statement by PM Lee Hsien Loong on Integrated Resorts, 18 April 2005). Furthermore, constructing the two Integrated Resorts meant that there would be a “spill over effect” on other sectors of Singapore’s economy, especially on businesses within close proximity to the Integrated Resorts. Actual Economic Impact brought about by the Integrated Resorts
When the Integrated Resorts opened in 2010, annual tourist arrivals hit a record high of 11.6 million in 2010, with record visitor arrivals for eleven consecutive months from
Question 2: Explain the economic impacts of the integrated resorts.
Expected Economic Benefits from Integrated Resorts
When the idea of building Integrated Resorts in Singapore was first introduced to the citizens, the government measured the expected economic benefits and social problems the Integrated Resorts would bring about. After much consideration, the government proceeded to build two Integrated Resorts – Marina Bay Sands and Resort World Sentosa. Over the past 10 years, many cities have reinvented themselves. In Asia, Hong Kong opened Disneyland in September 2005 and was in talks of building a casino in Lantau. In Thailand, Asia’s first IR, Laguna Phuket, consisting of seven deluxe hotels with an array of luxurious facilities and activities such as golf courses, spas, restaurants and water sports, was built. However, a casino was omitted due to Thailand’s strict laws against gambling (Expat Counsel - Criminal Law in Thailand Part LXXXVII: Gambling - Bangkok Post, 13 November 2011). In a statement on 18 April 2005, Prime Minister Lee Hsien Loong emphasised that there was a “pressing need” for Singapore to introduce new tourist attractions and revamp itself, and IRs provided a fresh, interesting and lucrative alternative (Statement by PM Lee Hsien Loong on Integrated Resorts, 18 April 2005). Furthermore, constructing the two Integrated Resorts meant that there would be a “spill over effect” on other sectors of Singapore’s economy, especially on businesses within close proximity to the Integrated Resorts. Actual Economic Impact brought about by the Integrated Resorts
When the Integrated Resorts opened in 2010, annual tourist arrivals hit a record high of 11.6 million in 2010, with record visitor arrivals for eleven consecutive months from