Singapore Deputy Prime Minister Lawrence Wong has praised the impact of the sovereign state’s two integrated resorts since their 2010 opening, noting they have provided major economic benefits while putting Singapore on the map as an international tourist destination.
He also promised to aid Japan in the development of its own integrated resort and casino industry, suggesting the two jurisdictions can learn from each other’s experiences.
Wong’s comments were made during a Q&A session following his speech at the Nikkei Forum 28th Future of Asia: Leveraging Asia’s power to confront global challenges on Friday in which he discussed political threats and challenges within the region, the potential for further cooperation between ASEAN nations and the importance of securing economic prosperity.
Asked if there was any advice he could offer Japan on the introduction of casinos after Osaka and its partners MGM Resorts and ORIX Corp were last month approved to develop a US$10 billion integrated resort in Osaka, Wong said, “We call the casinos in Singapore integrated resorts because it was never just about casinos. It was really about building something special, something different, an integrated resort with a whole range of offerings that we could not have done without the casino, and which ultimately would create many more jobs for Singaporeans. And we have since reaped the dividends.
“We have built two integrated resorts (Marina Bay Sands and Resorts World Sentosa), we have seen the positive outcomes arising from these two resorts in terms of the economic benefits, the jobs created, and how it has really put Singapore on the map when it comes to world class entertainment, lifestyle offerings. So that has been positive.”
On concerns around problem gambling, Wong said there would always be the potential for “issues” to arise but noted a number of safeguards had been put in place.
“We set up a regulatory authority, we put in place measures to make sure that having a casino will not result in more addiction and problem gambling, and so far we have been able to manage that quite well,” he said.
“We know that something new is happening in Japan soon, in Osaka, and we will be very happy to exchange notes and continue learning from each other’s experience.”
With Osaka’s IR approved, the industry is now awaiting word on whether a second development by Casinos Austria will be approved for development in Nagasaki.
Singapore, meanwhile, is in the midst of expanding its own IR industry with both MBS and RWS in the early stages of separate US$3.3 billion expansion projects.
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