INTRODUCTION
Singapore government reserved its decades-old ban on casino gambling last year in order to attract a greater share of Asian tourism market. They had awarded two licenses- one to operate a casino in Marina Bay and another on the resort island of Sentosa.
As an economic center of Southeast Asia, Singapore plays an essential role in financial market and other related industries. Although Singapore has advantages in its safe environment and highly-developed financial systems and other fields, there are still some undeniable drawbacks because of its limited size of population as well as resources. We will focus on discussing the current situation where Singapore is in and how can Singapore overcome the barriers and make full use of this opportunity to maximum the profit.
STRENGTH
The reason why Singapore government engages to run casinos is that they believe that Singapore owns some advantages compared to other countries. The following are some of the advantages of Singapore to operate casinos well.
First of all, we have noticed that the strong external demand lifted economic growth to 6.4% in 2005(Asia Development outlook 2006). Domestic demand also showed signs of recovery, especially consumption, which was bolstered by strengthening employment and a recovering property market, after the recession during the SARS. And the growth is expected to continue its rapid race in 2006.
Manufacturing expanded by 9.3% in 2005, led by the transport engineering, biomedical manufacturing, and electronics sub sectors. The services sector grew by 5.8% in 2005, underpinned by the strong performance of wholesale and retail trade and of financial services.
Moreover, Singapore is undergoing significant structural ...