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Singapore will build two integrated resorts with casinos, located in Marina Bayfront and Sentosa, Prime Minister Lee Hsien Loong announced in parliament on Monday.
It is the first time for the Singapore government to give green light to opening casinos in the island state since the Republic was founded 40 years ago.
Lee expected that the decision will give a boost to the country's tourism industry, which has seen increase in tourist numbers but decrease in market share, posing many jobs at stake.
"If we become a backwater, just one of many ordinary cities in Asia, instead of being a cosmopolitan hub of the region, then many good jobs will be lost, and all Singaporeans will suffer. We cannot afford that," Lee said.
He stressed that casinos, scheduled to be operational by 2009, are just a small but essential part of these two leisure, entertainment and business zones.
Lee noted that taking the long-term national interest as the key consideration, the government will balance the economic gains against the social fallout and the intangible impact on values as the negative is absolute.
Comprehensive measures will be taken to minimize the social consequences of casino gambling, according to Lee, which will include charging a high entrance fee of 100 Singapore dollars (US$60) per day or 2000 Singapore dollars (US$1200) a month to restrict the admission of locals.
(Xinhua News Agency April 19, 2005)
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