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Today,
25 Oct 04
Economy
on track, casino still under consideration
DESPITE rising oil prices, Singapore's year-end growth should hit
the forecast of 8 to 9 per cent, said Trade and Industry Minister
Lim Hng Kiang. He had more good news, saying unemployment could fall
below 4 per cent. But Mr Lim, who was at a community visit to Bishan-Toa
Payoh North yesterday, warned Singaporeans they might have to adjust
to higher transport and energy prices if crude oil prices rise to
US$60 a barrel, up from US$55 now.
He held an informal dialogue with residents on issues affecting their
pockets. "If oil prices remain high, then world growth will slow and
our exports will be lower, so we expect that kind of impact next year.
And at the end of next year ... if it is still high, it will feed
into electricity prices," he told them.
A topic of great interest to residents was the opening of a casino
in Singapore. . Mr Lim said the Government was not dismissing the
idea, but wants to study any proposal from the private sector carefully.
It has been talking to potential developers. "From the proposals,
we can determine the costs and benefits to Singapore. Then we will
make a decision." .
He also clarified with residents the type of casinos they hope to
build. It will not be like the exclusive clubs in Monte Carlo, or
the stand-alone gambling casinos in Genting or Macau. . Instead, the
Government is open to the idea of entertainment centres such as those
in Las Vegas or Atlantis City in the Bahamas — "something that is
integrated — a water theme park, or a convention centre, or a theatre,
or art galleries — things which will bring in the tourists, shopping.
Then the casino is just 30, 40 or 50 per cent of the operation, just
to make it viable."
He added: "We've been talking to potential developers. They haven't
come back to us yet. . "If they give us this kind of model, then we
can evaluate the benefits to Singapore. Then we can also ask them
how to mitigate the social impact on Singapore." — NewsRadio 93.8,
Channel NewsAsia
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