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The
Business Times, 14 Sep 04
Do CEOs favour having a casino?
You bet they do
Fifteen of 17 chief executives surveyed in Business Times poll support
the idea. And they have suggestions to avoid potential social ills
SOME of Singapore's top CEOs have come out strongly in favour of opening
a casino here, for a variety of reasons. Some say it is time to get
creative and take some risks to maximise opportunities, while others
pointed out that many Singaporeans already go elsewhere to gamble,
and it makes sense to keep them here and reap the benefits rather
than lose them to overseas operators.
The responses to the idea of building a casino here were listed in
a Business Times survey of 17 chief executives, including CapitaLand
president and CEO Liew Mun Leong, BCS Information Systems chairman
Wong Nang Jang and Pointworth Management CEO Dennis See.
Of the 17, only two came out against the idea.
The response of Hong Leong Group Singapore executive chairman Kwek
Leng Beng was typical among those in favour of giving the green light
to the casino idea. Said Mr Kwek: 'Singapore must move with the times.
We should nurture a mindset change.' Added Tung Lok Restaurants president
and CEO Andrew Tjioe: 'We should not be deterred by some of the negative
aspects brought about by casinos, just as we are not going to stop
eating because we are afraid of choking ourselves.'
The issue of building a casino here was revived after Prime Minister
Lee Hsien Loong said in his National Day Rally speech last month that
it was worth studying the idea.
Noting that many quarters here had resisted it because of the potential
social problems it would bring, Mr Lee said: 'I think we should consider:
Can we have the casino and still contain the social problems?' The
answer from several of the chief executives interviewed was 'yes'.
Intraco CEO Teng Theng Dar pointed out that a casino area need not
be unsuitable for families, as Melbourne's Southbank area - where
the Crown Casino is located - has shown. Mr Teng said his family used
to visit the area for its other attractions, including restaurants,
and never felt that they were in a casino area.
The businessmen said the key is in striking a balance between the
economic impact of a casino and the social responsibility. Some of
the ideas they proposed included a dress code, a minimum-age requirement,
members-only entry and selecting an operator with a history of strong
compliance with regulatory guidelines.
One point that several of the CEOs made was that having a casino would
give a fillip to Singapore's efforts to become a dynamic city. As
Raffles Holdings chairman and CEO Jennie Chua put it: Having a casino
can 'add more jazz, colour and exhilarating buzz to Singapore as a
destination'. The two chief executives who were against the idea -
BP Singapore president Wu Shen Kong and BBS Holdings Access chairman
Behrouz Gholamrezaey - had differing reasons for opposing it. Mr Wu
said the idea could send the message that Singapore was prepared to
compromise on its moral values and standards for economic gain, while
Mr Gholamrezaey said the casino would not give Singapore any competitive
edge. |
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