Faced with competition from regional countries also eyeing the benefits of the casino gaming industry, the two IRs cannot afford to be complacent
A FEW weeks ago, Singaporeans watched in awe the hoisting of a seven hundred tonne beam linking the towers of Marina Bay Sands (MBS) to form the Skypark – a vast rooftop garden, while at Sentosa, Resorts World Sentosa (RWS) was working on the finishing touches to the rides for its Universal Studios Theme Park.
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| MAJOR MILESTONES Not only will the integrated resorts be iconic attractions, but within five years they could bring in 17 million top-quality tourists and help create over 100,000 jobs |
Just how awesome these two integrated resorts (IRs) are is becoming more visible by the day. Together, they will cost in excess of $13 billion when they are complete. Not only will they be iconic attractions, but within five years they could bring in 17 million top quality tourists who will spend in excess of $30 billion and help create over 100,000 jobs, directly and indirectly.
Some sceptics wonder how Singapore’s IRs will be impacted by Macau. But there is unlikely to be much overlap; moreover, the market is big enough for both.
For the last 65 years, Macau has been basically a gambling colossus and will always be, even with top attractions such as The City of Dreams, Venetian and the MGM Grand. It is amazing that with a mere three licences issued to Stanley Ho’s Sociedade de Jogos de Macau Holdings, Sheldon Adelson’s Venetian and Steve Wynn’s Wynn resorts, Macau’s gambling scene has evolved into 32 casinos. Most visitors cannot tell which are the ones with the original licences and which are sub-licencees or concessions. Continue reading
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