Casino cash may inject $1.5 bln into Singapore annually-DBS

SINGAPORE, Aug 26 (BestGrowthStock) – Revenues from two new
casino-resorts could contribute as much as S$2 billion ($1.47
billion) annually to Singapore’s economy, which is expected by
the government to grow by up to 15 percent this year, DBS Bank
said on Thursday.

The two resorts have already contributed S$470 million or
0.3 percentage points to gross domestic product (GDP), which
grew 17.9 percent in the first half of 2010 from a year
earlier, DBS economist Irvin Seah wrote in a report.

“If the GDP contributions by the integrated resorts
continue to rise at the same pace going forward, we can expect
full-year GDP contributions of about S$2 billion from these
projects,” Seah said in the note.

That would translate into adding 0.7 percentage points to
GDP for the whole of 2010, he said.

Singapore is counting on the two resorts opened earlier
this year by Malaysia’s Genting Bhd (GENT.KL: ) and Las Vegas
Sands (LVS.N: ) to help fuel tourism and economic growth. It
hopes to double visitor arrivals to 17 million by 2015.

In July alone, at least 1 million people visited Singapore,
the highest number the city-state ever saw in a month, after
seven consecutive months of record monthly visitor arrivals.

“However, the contributions derived from the GDP statistics
reflect only the direct impact of the IRs. The overall economic
gains to the economy are likely to be significantly larger if
the spinoffs to other industries are taken into account,” he
($1=1.358 Singapore dollar)
(Reporting by Nopporn Wong-Anan; Editing by Kim Coghill)

Casino cash may inject $1.5 bln into Singapore annually-DBS