Singapore Casinos Expected to Boost Economy
7 August 2005
According to a recent study, Singapore’s 2 new casinos are going to boost the island nation's economy, by adding an expected 1.8 percent to the Gross Domestic Product (GDP). These casinos will give a much-needed push to the waning construction sector, and probably make it a more popular tourist destination.
The casinos will likely increase the amount of tourists visiting the city by at least ten percent, and in turn will provide a twenty percent growth in private construction contracts. In addition to this, there could also be a ten percent rise in share prices, as well as a one percent increase in the government’s spending on law enforcement efforts and social safeguards.
Singapore is a country that until April, sustained a forty year ban on casinos, but lifted it to encourage economic growth, as this project will bring in more tourists, as well as create more jobs. In 2004, 8.3 million people visited Singapore which generated about 9.6 million Singapore dollars. This new casino project hopes to draw 17 million visitors, which will generate about thirty billion dollars a year over the next decade.
Source: Authorized Online Casinos News Staff
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