Singapore Casinos - An Economic Gamble?

[scroobal]

With the opening of Singapore's first casino 2 days ago and a second to follow suit shortly, it maybe time to have a discussion on a number of issues surrounding the casino. However lets leave the moral arguments aside as these have been discussed at length and I think we familiar with both sides of the debate.

The main premise for having it was that Singapore was pushed to the wall on a number of economic fronts and it was matter of survival. Monaco was cited as an example. It would also complement the private wealth management and property sectors as well provide an anchor for the tourism sector which was finding was less wind against its sails.

Couple of things occurred after the decision was taken;

1) The GFC (global financial crisis) came in and the Commercial Paper Money Market evaporated overnight. Demand would be hit and more importantly financing of Marina Sands via the money market would not longer be possible.

2) What is not well known is that the Government of Singapore through a 3rd party vehicle provided the financing. The equation has now changed somewhat with the Government punting on the Casino in a much bigger way than expected. It was no longer a private enterprise as initially planned.

3) Shortly after securing the Sentosa Tender, Gentings attempted to unload its sizeable stake knowingly to a persona no grata to the Singapore Government - Stanley Ho. The Government had to exercise its regulatory powers to intervene and stop the sale. Why did Gentings lose faith in this venture and attempted to reduce its exposure. This was well before GFC struck.

There are a number of issues and I think everyone wants this venture to succeed for the sake of the country. But to do that the Government needs to include Singaporeans in a big way. It has not done that. It has to be upfront about opportunities for Singaporeans in the sector and start to reveal a lot more details. The fact that this whole initiative started badly with a CCC Chairman and PAP stalwart being granted development rights without holding a tender and the fact that this person was on Sentosa's advisory just before the tender is a sad event.

It is time with the opening of the Casino that the Government provides timely update on progress, targets, and the learnings achieved thus far.

 

[ahleebabasingaporethief]

What you are asking for will never happen as long as the SCUMS are still around. I always believe that 'THE HEROES OF TODAY WILL BE THE VILLAINS OF TOMORROW". History always have an accurate way with things long after it happened.

It is FOOLISH to think that the casino owners around the world do not know, interact, or work with one another.

It is just like world governments. They have their own network. And yes, they do know one another, and work/co-operate with one another.

Only our FOOLISH scholars fail to see this. But then again, the very best of S'pore have either left or have nothing to do with the civil service. What we have left are the SCUMS ...wooops I meant crumbs churning out crabby policies.

 

[ozeman]

With the opening of Singapore's first casino 2 days ago and a second to follow suit shortly, it maybe time to have a discussion on a number of issues surrounding the casino. However lets leave the moral .....

you are asking the govt to throw away their political, social and business models all at one hit!

singapore is a totalitarian state. as long as the pap is in power it is unlikely that you will get accountability and transparency.

that the govt is financing the whole casino scheme through a govt backed entity is no surprise. why do you think that 70% of the local stock market index comprise of GLCs?

the pap is used to total control. they will never let it go unless they lose total power.