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The
Business Times, 14 May 04
Casino projected to plug $1.7b leak overseas
That's the amount locals spend in foreign casinos yearly, say analysts;
proposed facility also a boost to convention sector
by Glenys Sim
Singaporeans spend close to US$1 billion (S$1.7 billion) a year in
foreign casinos and having one here will not only plug this leak,
but also give the convention industry a boost.
The figure was cited by Dutch bank ABN Amro and a United States-based
gaming and leisure consulting company, The Innovation Group, at an
industry conference yesterday.
Experts at the two-day conference said that most of the money now
ends up in casinos in Genting, on cruise ships and in Batam. Pointing
to Las Vegas as an example, Mr Sean Monaghan, the director of gaming
and wagering research in East Asia and Australasia at ABN Amro, said
that casinos support the convention and exhibition industry there.
'People attend conferences in the day and there are usually no programmes
lined up in the evenings, so going to the casino at night is another
activity for them. 'Singapore needs the infrastructure to support
its convention and exhibition industry; otherwise, it might lose its
market share,' he said.
The unregulated gaming industry in East Asia is estimated to be worth
US$13 billion. Besides yielding significant revenue for governments
in the region, there are other benefits to legalising the gaming industry
like increased tourism and job creation, said Professor Alex Blaszczynski,
the director of the gambling research unit at the University of Sydney.
Experts at the inaugural Asian Gaming Expo, which ended yesterday,
admitted that social problems could arise as a result of legalised
gaming, but said safeguards could be put in place.
Governments must have educational support and treatment in place,
said Professor Andy Nazarechuk of the University of Nevada, Las Vegas,
a gaming consultant. 'This means highlighting the problems that might
surface for some of the punters and, for example, setting up a hotline
for people to call if they need to seek help.'
Mr David Green, a partner at PricewaterhouseCoopers Macau's Gaming
Practice, added that governments also need to have a regulatory framework
in place, including anti-money laundering, anti-corruption and gaming
credit laws as well as a sound tax regime.
In the region, Macau is currently expanding its gaming operations,
while the Philippines is pushing for legislation that would allow
joint ventures with foreign casino operators. South Korea hopes to
increase the number of casinos locals are allowed to enter. There
is now only one casino there which admits Koreans. Singapore is currently
studying the possibility of setting up a casino on Sentosa. Elsewhere,
legislation permitting gaming is expected in Thailand, Japan and Taiwan
by 2008. |
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