We're not going to sell our grandmothers just to make money," he said.
Neither Singapore's Casino Regulatory Authority nor its parent agency, the Ministry of Home Affairs, responded to requests for comment.
The stalled growth in Singapore could have implications beyond the city. Asia is in the midst of a casino boom, with new gambling outlets planned everywhere from the Philippines to South Korea and under consideration in Japan, a potentially huge market. While some have praised Singapore as a regulatory model for other markets in Asia, investors and industry executives hope new casinos in the region will perform more like the resorts in Macau, where proximity to mainland China and less strict oversight have led to extraordinary growth. Macau, the world's casino capital, has gambling revenues now seven times the size of the Las Vegas Strip.
Straight-laced Singapore—famous for its ban on most sales of chewing gum and its policy of caning some criminals—surprised the world when it invited casino companies to submit proposals nearly a decade ago. The government wanted to boost tourism and shed Singapore's image as a dull and rigid city.
We're not going to sell our grandmothers just to make money," he said.
Neither Singapore's Casino Regulatory Authority nor its parent agency, the Ministry of Home Affairs, responded to requests for comment.
The stalled growth in Singapore could have implications beyond the city. Asia is in the midst of a casino boom, with new gambling outlets planned everywhere from the Philippines to South Korea and under consideration in Japan, a potentially huge market. While some have praised Singapore as a regulatory model for other markets in Asia, investors and industry executives hope new casinos in the region will perform more like the resorts in Macau, where proximity to mainland China and less strict oversight have led to extraordinary growth. Macau, the world's casino capital, has gambling revenues now seven times the size of the Las Vegas Strip.
Straight-laced Singapore—famous for its ban on most sales of chewing gum and its policy of caning some criminals—surprised the world when it invited casino companies to submit proposals nearly a decade ago. The government wanted to boost tourism and shed Singapore's image as a dull and rigid city.
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