Report: Singapore Casinos to Boost GDP

SINGAPORE – As reported by the Agence France Presse: "Singapore's plans to build two casinos will bolster its economy over the next five years, adding 1.8 percent to the city's gross domestic product (GDP), according to a new report.

"Constructing the resort complexes will trigger a 'virtuous investment cycle' that will boost the moribund construction sector and raise its profile as a global tourist destination, the Business Times, citing an economic study conducted by a local university, said.

"The proposed casinos, when completed in 2009, will up visitor arrivals to the island-state by 10 percent and provide a 20 percent growth in private construction contracts, the study showed.

"…Singapore, which ended a four-decade ban on casinos in April, is hoping that the multi-billion-dollar project would spice up its strait-laced image and attract more tourists to its shores…"

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