THE government yesterday formally asked potential investors to submit proposals for a leisure and casino resort which is aimed at boosting the city-state's global appeal but will decide later whether to give the casino complex the green light.
By asking for proposals, the government will be in a better position to assess if the project should go ahead, said Senior Minister of State for Trade and Industry, Vivian Balakrishnan.
The project has triggered a strong outcry from religious and civic groups concerned about the ill effects posed by a casino and the government has not decided if the project will take off, Balakrishnan said.
Earlier this year, he led a government delegation to study casino operations in Las Vegas.
If a casino is allowed, there will be restrictions in place to prevent local residents, particularly those who can least afford to fritter away their incomes, from becoming gambling addicts, he said.
Investors have until February to submit their proposals which will outline the size of their investments, project feasibility and whether or not they want to include a gaming complex that will have to observe the government's social safeguards.
“So that's where we are right now, it is a request for concept plans,” Balakrishnan said.
He declined to say how much the proposed project could cost but industry analysts estimated it could cost from US$300mil (RM1.14bil) to US$2bil (RM7.6bil).
The proposed project has already drawn interest from casino giants such as Caesars Entertainment and Harrah's Entertainment.
Singaporeans, who enjoy a per capita income of about US$23,000 (RM87,000), bet billions of dollars per year, legally or illegally, and are regular customers at Asian, Australian and US casinos.
The government rakes in US$800mil (RM3bil) a year – or US$2.2mil (RM8.4mil) per day – in duties from strictly regulated horse racing, lotteries and sports betting. – AFP
Source: The Star Online
Friday, 31 December 2004
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