Casinos: Why not?Since Beast has post an article on his views on the upcoming IR projects, I will also post mine.
Before I start, let me clarify that I am a supporter of the IR projects.
The 2 IR projects will lead to an injection of am estimated total of US$5 billion into our economy. I believe that by any count that would be a large boost for the Singapore economy.
Furthermore, the remaining bidders for the IR projects are the world’s 3 biggest casino operators like MGM Mirage, Harrah's and Las Vegas Sands. I don’t think that they would be prepared to invest up US$3 billion in the project if they are not confident of its success. Singapore’s convention industry would also receive a massive boost from the IR projects.
As for the social cost of the casinos, I would only say the long economic downturn probably drove more people to loan sharks and crimes then any other factors. The 2 IR projects can , in my opinion, provide the economic boost that S’pore sorely needs.
My only complain on this issue is on the process of how the issue has been decided. The building of casinos in S’pore is a very divisive issue for Singaporeans; hence it is only appropriate that whatever decision that is finally made has the support of the majority of the Singaporeans. Therefore I believe that a referendum should be held on the issue to let Singaporeans decide if the IR projects should go ahead.