Singapore will soon see the opening, for the first time in its relatively short history, of casinos. The tiny city-state decided five years ago to encourage development of the casino and entertainment industry, in hopes of developing a new sector of the economy (and to convince Singaporeans who otherwise went underground or overseas to spend in taxable casinos instead). The goal is to nearly double the number of visitors to Singapore to more than 17 million a year, and to increase their annual spending to over 20 Billion USD a year. The government also anticipates over 35,000 new jobs to be created and an additional point added to GDP growth. Whether the casinos, who are heavily indebted and have busted their budgets, can make money, remains to be seen.
Operators Pin High Hopes on Singapore Casinos - NYTimes.com
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