The news reports state that Singapore is going through unprecedented growth. The economy is booming, people are getting richer. Yet as a property agent I get to meet some sellers who need to sell their houses to clear their debts. This scenario is getting alarmingly common. I was curious as to how the impact of the casinos would impact our society and thus I did a casual search and I found this article on CNBC.
http://www.cnbc.com/id/43628943?slide=10
It lists the "World's Biggest Gambling Nations" and behold!
[extracted from www.cnbc.com]
2. Singapore
Gaming Losses Per Adult: $1,174
Singapore opened its first casino a little over a year ago but it’s already the world’s third largest-gaming center after Macau and Las Vegas and it’s set to overtake Vegas this year.
The decision to allow casinos to be built in the city-state has created plenty of worries that Singaporeans may end up getting hooked to gambling. The government has tried to discourage local gamblers by imposing an entry fee of S$100 ($80.50) for citizens who want to enter a casino.
Authorities have also implemented a "Family Exclusion Order," that allows a family to ban relatives from visiting casinos.
But the measures have done little to dampen enthusiasm for gambling. Frank Fahrenkopf, president of the American Gaming Association, has forecast that Singapore's gaming revenue could hit $6.4 billion in 2011, outpacing Las Vegas, which earned $5.8 billion in 2010.
Gaming losses per adult was a whopping $1,174!!! This is calculated in US dollars I presume. Assuming that about a quarter of the people in Singapore is not adults, That would still mean that there were approximately 3.8 million adults each losing UDS$1,174 per annum to the casinos in Singapore.
We "donate" USD$4,461,200,000 to the casinos every year!!!
I personally do not feel richer. Wealth is perceived. Inflation is eroding away our money.
Hmmm... now where has my $2 chicken rice gone to?
Yours Sincerely,
Daryl Lum
(+65) 9009 8731
visit my website @ www.DarylLum.com
read my blog @ www.DarylLum.blogspot.com
