In 2012, Singapore was announced to be third in the world behind Las Vegas for casino revenue, which was 5.85 billion US dollars. Over the past 10 years Singapore’s tourism industry has dramatically increased with thanks to the STB (Singapore Tourism Board). The casinos have attracted tourists to the industry, and in turn the tourists have arrived and spent more money in the casino and the local economy. It seems that the casino and the tourism industry have gone hand in hand to see Singapore’s economy increase.
Last year alone saw Singapore welcome an estimated 14.4 million visitors, and the tourism industry has seen consistent growth during the past 10 years. The visitors spent a whopping $23 billion which is an increase of 3% from 2011. A further increase is expected this year in tourism receipts, though a moderate increase of between 2.2 and 6.5 per cent. Despite the increase in visitor arrivals over the past few years, this is now forecast to slow down to by between 2.8 and 7.6 per cent. This increase in tourism has help Singapore’s economy immensely. 50,000 jobs have been created from the casinos, and spending in the city-state surged by an impressive 49% from the previous year.
The STB have been busy in their attempts to attract tourists to the city. The state is environmentally friendly and has nature and heritage programs. An element which have added to the surge in tourisms have been the Formula One Singapore Grand Prix. The tourism board hosts a range of cultural events throughout the year designed to keep a steady flow of tourists coming into the city. These events include: the Singapore Arts Festival, The Singapore Garden Festival, and the Singapore Food Festival which celebrates Singapore’s cuisine. In 2010, the Young Olympic Games were hosted in Singapore which obviously attracted a lot of visitors.
With so much to do in the state all year round, Singapore has earned a reputation of being a place of culture, activity and casinos, and as a place for people to visit year round. Its gambling industry is clearly booming, with last year’s revenue reaching $5.85 billion US dollars, slightly behind Las Vegas ($6 billion) and Macau ($4 billion). If Singapore was to ever open up the possibilities of online gambling, the doors would open for a wealth of opportunity. Companies would just need to look at the success of companies like Galacasino.com/, who have thrived in the UK, for inspiration.