A client of mine recently could not complete the purchase of her new flat because she did not have sufficient funds in cash to fork out for the cash over valuation and down payment. Usually these monies are to be handed to the solicitor acting for the purchaser so that the solicitor can make the payment to the sellers. It was of no fault of mine that she did not have the money. She required about $10,000 worth of cash to complete the sale of her property. A few weeks ago she had collected a hefty cheque of more than $60,000 as profits from the sale of her flat. I told her to keep the monies and remember to set aside sufficient monies for the completion of the flat she purchased. She agreed to do so as well.
How then did this amount disappear in a matter of two weeks? Very simple, she had squandered it on the casino. She knew she needed this money and yet she was tempted to place all of it at the gambling tables of our very own casinos.
When the government built these "integrated resorts" they promised us that there was going to be barriers for Singaporeans to enter their premises. A few years on, the "integrated resorts" are experiencing extraordinary profits. The foreigners which we were supposed to attract are coming in but then who are the ones actually playing at the tables? Singaporeans. Let's all wake up to the fact that these are casinos and stop trying to dress them up merely by renaming them "integrated resorts". Other than the $100 levy, the government has not tried anything significant to educate Singaporeans about the ills of gambling. Buses were allowed to pick Singaporeans from heartland malls and were only halted after a public outcry. I also wonder how many Singaporeans are aware that we have a National Council on Problem Gambling (NCPG)? If our casinos are truly designed for foreigners then why is it that there are more entry points for Singaporeans and Permanent Residences than for foreigners? Why not have an opt in option rather than an opt out option? What we should have is that every Singaporean and Permanent Resident should be excluded by default from entering the casinos. If anyone wants to play, he has to apply and obtain a permit. This hassle will deter a quite substantial group of people and it will also sound alarm bells to the families of people who have a gambling addiction. The reason why the government opted for the current system? Profits.
I have a friend who has lost his whole hairdressing business due to the massive debts that he chalked up at the tables of the casinos. Let's face it. $100 is not a significant amount. I have clients who have had to sell multiple properties just to fund their gambling addiction.
It is a multi billion dollar industry. However, to me, the economic benefits that come along with it do not outweigh the social ills that is affecting our nation.
I'm very sorry but the government has taken the very very low road this time round.
Singapore is a land where there are no shortcuts. Everyone works hard for a living. The casinos are eroding the very social core of our society.
Yours Sincerely,
Daryl Lum
(+65) 9009 8731
visit my website @ www.DarylLum.com
read my blog @ www.DarylLum.blogspot.com
