Singapore, an ever stronger Asian magnet
Posted on May 12, 2008
Filed Under Focus
Singapore very soon will have two gambling centers, the largest in South East Asia. They will start operation next year. Just imagine the amounts of dollars that will flow into the coffers of the Singapore government every year from the operation of the two legal gambling centers. Like a magnet, Singapore will become even more attractive. Indonesia will also benefit from the existence of the Singapore projects although the amounts raked in will not be as big as those in Singapore.
On May 26, 2006 the Singapore government issued permits to investors to open gambling centers in the island state. The first permit went to Las Vegas Sands Corp from the United States that will develop a casino resort at Marina Bay Sands. And the second permit was given to Resort World at Sentosa, whose casino center is being developed by Genting International PKC (Genting Group).
The development of the casino at Marina Bay Sands is estimated to cost US$3 billion, and it is planned to start operation next year. Meanwhile, Resort World at Sentosa will occupy 100,000 sqm of land and will have capacity to accommodate at least 52,000 people. In addition to several star-rated hotels and retail property, to be built at Resort World at Sentosa will be Universal Studio Theme Park, the first of its kind in South East Asia that will serve as the main attraction at the gambling center.
And, how about the Indonesian government? Will it also legalize gambling in Indonesia? Such idea could be quite difficult to materialize although quite many world-class casino investors have repeatedly persuaded the Indonesian government to legalize gambling. In 2004, a gambling company from South Korea expressed its interest to open a casino center on Lembongan Island in Nusa Penida, Bali. The government turned down its request. And, it remains unclear whether the government will materialize its plan of developing Exclusive Integrated Tourist Zone (KWRE) on Bintan Island in Riau. There are pros and cons about such a plan.
But, it is almost certain that opening gambling at KWTE Bintan is a very remote possibility because gambling and casinos are included in Indonesia’s negative investment lists (DNI).
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