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***GambLux EDITOR NEWS*** |
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Latecomer Singapore plans to be magnet in casino industry
[Monday, July 03, 2006]
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Gambling in Singapore used to be banned and attract heavy penalties for transgressors. The Chinese appetite for gambling was taboo within the city limits. But all that is changing. Singapore is about to build the worlds largest and most expensive casino complex. It is all part of the plan of Lee Hsien Loong, Singapores new prime minister, to give the nation-state a more tolerant and fun-loving image (as well as attract fresh tourist money).
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Four of the worlds largest casino companies are pitching to win the $3 billion project that will include casinos, entertainment centers, convention centers and hotels. The bidding companies include Las Vegas Sands, Hurrahs Entertainment, MGM Mirage and Genting. If the project works out as expected, it will turn Singapore in the East into the same kind of urban magnet as London, Paris and New York are in the West. The betting is that, with Singapores famed single-mindedness, it will succeed in transforming itself once more.
With the huge new casino complex, Singapore will give its income a large shot of adrenalin. Tourists today spend about $6.5 billion there annually. The authorities expect that figure to rise to $19 billion by 2015.
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