Casinos in Singapore are filling in the empty hotel rooms
Posted on September 2, 2010 by John Trevors for Luckyroom.com
The hotel “M” in Singapore’s business center used to be almost empty during the weekends as executives and high ranked personal are often leaving the country at Friday. But now the hotel is constantly on almost 90% completeness, even on Saturdays and Sundays. Singapore was once a premier destination for bankers and traders, but now is a major attraction for tourists as well, thanks to several attractions including the two magnificent newly opened Singapore casinos; of which construction cost exceeded ten billion dollars and begun operations earlier this year.
The two casinos represent the new face of a city that wants to “transform” from a regional commercial and financial center in an ideal destination for both work and fun. “Singapore is quite similar to Monte Carlo, which is somewhat artificial. Singapore is not one industry but many. Someone can find many reasons to visit the country”, said Mr. Hanspeter Brunner, Swiss bank BSI’s consultant for Asia.
Unlike the existing financial district downtown , the new financial center (Marina Bay) has been built along the river is more than just skyscrapers with office buildings, but also shops, houses, theaters and the huge Marina Bay Sands building, value of 5.5 billion U.S. dollars, which was constructed by the U.S. casino “giant”, Las Vegas Sands. The visitors of Singapore – a city-state with a population of 5.1 million – have risen by one-fifth to about 6.5 million during the first seven months of 2010. The hotel occupancy reached 90%, increased by 10.2% and hotel costs have increased by an average of 20% compared to last year. The “transformation” of Singapore began in 2005 when the government legalized casinos in the larger plan to double the number of arrivals to 17 million by 2015. Singapore attracted 9.7 million visitors last year and for 2010 12 million visitors are expected. Tourism accounts for about 7% of Singapore’s economy but if the rate of tourists reaches the 17 million per year then the tourist industry will account the 12% of Singapore’s economy.
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