“Don’t Count The Chips” – Integrated Resorts

Posted: August 26, 2010 in Uncategorized

There's lack of compelling reason to count the "chips"

Singapore News Extracts & Viewpoints
26 Aug 2010 Thur
The following Prime.Commentary is on The Straits Times.

Primarily the report highlights three key concerns:

(1) That the extent of economic contribution to GDP by the Integrated Resorts should be clearly reflected, and not merely placed under “other services”.

(2) That the Lion City should track the wider economic spin-off created by the IR.

(3) IR can attract more foreign investments.

However, while it is known that casino resorts generally help to boost economy in the desert area (such as Las Vegas), window showcase for One country two Systems (i.e. Macau), cities/states with high fiscal deficits (i.e. California, gulf coast, etc.) and Philippines; balanced economies like Hong Kong, Taiwan, Germany, France, UK, and many more, do not need mass-open casino resorts to boost long-term economic well being. Rather, it is technology, education, research, capital market, exports and direct foreign investments in productive industries that serve as competitive means. Simply, using the IR (primarily casino business) for GDP growth may just be a mirage in desert.

Therefore, there isn’t a compelling reason for the authority to push for a special category of GDP measurement yet. The Lion City knows it best.


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