Are you hedging your bets in this economy? Singapore is! A recent blog post triggered some curiousity about how the country is expanding. The country has permitted the development of a casino which has been designed to attract tourists from around the world. With an eye for expanding its economic base, the country is proceeding cautiously into relatively uncharted territory. This new development demonstrates an effort to bring in new money to the country, while attempting to maintain the clean and safe image Singapore has worked hard to build.
Singapore is definitely approaching this economic expansion carefully. Instead of calling the new developments casinos, the country has named the facilities “integrated resorts”. Further, citizens have been limited in their rights to partake in the new attractions. Should locals decide they want to go to the integrated resorts, they are assessed a fee of about $73. On top of that, a hotline has been established for family members to call and get their relatives banned altogether.
Interestingly, the expansion of this industry is so significant, there are not enough Singaporeans to staff the facilities. Foreign nationals will be hired from other countries to perform duties ranging from waiting tables to directing hotels. This poses yet another challenge because of the recent population growth in the country. Citizens seem to be turning a blind eye to the immigration issue because of the potential for opportunity that rests with the investments being made.
Singapore is taking aggressive, yet deliberate actions to diversify its economy. With these developments, businesspeople that are traveling to the country on official business will now have more of an excuse to stay over the weekend for some entertainment. Only time will tell if this gamble will pay off.