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Casino Projected to Plug $1.7b Leak Overseas

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.

Read the entire article at: TheStraitsTimes 

2004 Online Casino News Archive


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