Casinos bankroll Singapore economy
Singapore’s two casino resorts, run by Genting Singapore and Las Vegas Sands Corp, contributed S$420 million (US$324 million) in net revenue to the city-state in the April to November 2010 period.
The two casinos helped Singapore’s gross domestic product expand 14.7 percent in 2010, making the city state the fastest- growing economy in the world after Qatar, according to International Monetary Fund estimates.
Genting’s Resorts World Sentosa and Marina Bay Sands may post US$2.8 billion in casino revenue in 2010 and US$5.5 billion this year, the Today newspaper reported recently, citing PricewaterhouseCoopers .
A total of 31,316 Singaporeans were banned from the casinos under exclusion orders, Vivian Balakrishnan, Minister for Community Development, Youth and Sports, told Parliament.
About 27,500 of these were undischarged bankrupts and individuals receiving financial assistance from the government.
The rest included those who voluntarily sought to have themselves banned from the casinos and people who had been issued with exclusion orders at the request of their families.
Singapore’s government in September stopped all bus shuttle services between local town centres and the casinos, saying promotional efforts should be confined to tourists.
Ian Jarrett
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