There is hope the casinos in Singapore might fail!
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www.newsintercom.org 07 May 2008, Singapore
By Andrew PK Yap
If they fail, there might be a God in heaven after all. Nah…, it is better to face reality. No, not that it would be impossible for the Singapore casinos to fail but it is better to face REALITY and that is, to face reality rather than to assign failure and success to God, the Devil and the Pink Unicorn. The possibility that the Singapore casinos might fail, and at least can fail, became a reality with the failure today of one of the oldest and sexiest casinos operating out of Las Vegas, The Tropicana.
It seems to me that the biggest success of the PAP government was the success in pushing and yes, shoving, of the citizenry, to become good coolies. It was done through a series of social engineering using incentives and disincentives (using one of the most powerful, making everything more and more expensive) to encourage the people to work. Furthermore, it was not a very difficult thing to do, since the majority was and is Chinese, (look at China now), and migrants seeking wealth and fortune in Nanyang, to boot.
Its biggest failure must be the inability of the PAP, as Dr Chee Soon Juan would call it, regime, to develop homegrown private enterprises that are world champions.
You might say, why blame the government and not the private sector? [Read More!] -
what is your targeted success? failure to attract high roller? and foreign visitor? I don't think they were intended to target local Sg. After all most singaporean are mediocre income.
I also don't think there is a lack of global gambler. Particularly in the chinese community given that the idea of "Luck" n "Energy" is so ingrain within our pysche.
those old casino along Vegas strip had a hard time competiting because the newly built casino are mega size with plenty of purge and entertainment.
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how's ur book andrew?
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There is no good policy,man.There is only BEST policy!!
Every policy come with good and bad points.U tell me 1000
points of this side of the coin,other can tell u 1001 points of the other sides.
U guys just looking for perfect policy,from your point of views.
Are u sure 'No casino' is the perfect policy?There are many low educated
and high aged people need jobs created by casions.
In this world ,u just have to choose the less evil policy ,dear!!
2.If there is any one telling u that this or that is perfect policy,
they just treat u a new born baby.
Nowadays,a 3 year old is very smart alreday!!
3.BTW,how u define fail?we cant talk if we dunt know the meaning ,right?
4.Thans for ST telling me the secret!!
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dun have successful homegrown companies meh? What about Hyflux and Creative and Breadtalk? Or even smaller ones that dun get into the news like HG Metal or many other SMEs. Sure lah they not world dominators like Mircrosoft or Nike or Coca Cola but not successful?
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Haiz.. Lionnoisy...
Anyway, the Integrated Resort isn't all about casino and gambling even though its one of the main attraction.
In a way, our dear noisy lion in his encrypted version of english is right. There will be a lot of jobs that will be created because of the IR. But I think the TS was questioning the profitability of the IR.
We've already past the point of no return for this "project." It had better work... otherwise, it might become a big fat white elephant.
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Originally posted by newcomer:
how's ur book andrew?
Good Question.....
I still got $10 inside my piggy bank...... but can't seems to find it anywhere..... why O why like dat......
Btw..... if the Casino is sucessful..... does that means 'God' doesn't exsit.... or is 'God' on the Casino side......
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Guess who misses the boat?
(SINGAPORE) Singapore is expected to pull ahead of Hong Kong as home to the highest concentration of millionaires over the next decade, sealing its reputation as a wealth centre not just in Asia but worldwide.
And while the US and Japan should remain the top two largest global economies, emerging markets such as China, India, Russia and Brazil will make their presence felt more strongly.
Now ranked seventh in terms of total net worth, China will grab third place by 2017, bypassing several G7 countries to become the third-richest country, while India is expected to make its debut in the top 10 list at No 8. Russia and Brazil will also display significant growth, moving up from 19th to 11th place and 15th to 12th place respectively.
With the Economist Intelligence Unit, Barclays Wealth released a report yesterday that forecasts the evolution of the level and distribution of household wealth in 50 countries between 2007 and 2017. Household wealth was measured using three components - financial holdings such as cash and other liquid assets, non-financial holdings such as property, and an aggregate measure that combined the two.
Last year, Singapore trailed Hong Kong in highest wealth density, with 23.3 per cent of residents having wealth of more than US$1 million. But by 2017, Singapore is expected to see this figure grow to 40.7 per cent - some 436,000 households - in comparison to Hong Kong's predicted 39.4 per cent.
According to the report, countries with the highest percentage of dollar millionaires tend to be small, densely populated financial centres such as Singapore and Switzerland.
In addition, the study revealed that the disproportionate distribution of wealth is expected to narrow as the concentration of wealthy households in Singapore, with US$3 million and US$5 million, is on an upward trend. Households with wealth of US$3 million will more than double from the current 5.1 per cent to 12.5 per cent, while those with US$5 million will almost triple from 2.1 per cent to 6 per cent.
Barclays Wealth chief executive for Asia-Pacific, Didier von Daeniken, pointed to Singapore's recent efforts to shift its focus from manufacturing towards technology and financial services. In addition, the opening up of previously protected sectors, like financial services, and bilateral trade agreements serve as an impetus to garner foreign direct investment.
For China, wealth creation has stemmed largely from the stock market and real estate. Citing figures from Ernst & Young, the report said 464 IPOs were launched in China over the past three years, raising US$134 billion. As the country's economy continues to expand, the average net worth per household is expected to quadruple, from US$18,000 in 2007 to US$74,000 10 years later.
'Asia now represents 25 per cent of HNWI individual wealth globally but only about 10 per cent of the income of the major private banks,' said Mr Daeniken. 'Growth for private banks can come from two areas - more penetration of existing wealth and more wealth being created.'
In Asia, Barclays clients are typically entrepreneurs, a trend that is expected to remain in the future. -
It will fail like the Mobile Food Vendors, who were immobilised by the Triple R.
Rules Regulations, and Restrictions.
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Originally posted by lionnoisy:
There is no good policy,man.There is only BEST policy!!
Every policy come with good and bad points.U tell me 1000
points of this side of the coin,other can tell u 1001 points of the other sides.
U guys just looking for perfect policy,from your point of views.
Are u sure 'No casino' is the perfect policy?There are many low educated
and high aged people need jobs created by casions.
In this world ,u just have to choose the less evil policy ,dear!!
2.If there is any one telling u that this or that is perfect policy,
they just treat u a new born baby.
Nowadays,a 3 year old is very smart alreday!!
3.BTW,how u define fail?we cant talk if we dunt know the meaning ,right?
4.Thans for ST telling me the secret!!
Can the casinos provide jobs for those with low education and those who are aged ?
What jobs can these under-privileged Singaporeans get when FTs are already taking away their jobs from the neighborhood food centres clearing dishes and keeping the places clean ?
How did you come to the conclusion that there is only the 'BEST Policy' when there is no good policy ?
If there is no policy that is good to begin with, can there be ''BEST" ?
Have you not learn the differences between "Good, Better and Best" ?
If ''every policy come with good and bad points" - how do you assign the BEST label when there is no ''Good Policy" to begin with ?
Are you not being nonsensical in your entire thought process ?
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Originally posted by gasband:
dun have successful homegrown companies meh? What about Hyflux and Creative and Breadtalk? Or even smaller ones that dun get into the news like HG Metal or many other SMEs. Sure lah they not world dominators like Mircrosoft or Nike or Coca Cola but not successful?
If you cannot be a world dominator, at least be recognised as a World Competitor.
Since its inception - have these companies been able to dominate even their own home market ?
Hyflux remains stuck with their synthetic material used in the Reverse Osmosis Water ''filteration'' process that have its own innate weaknesses, and they remain stuck with this problem.
Creative's Zen could not overwhelm Apple's iPod - even when the search engine {?) for the portable player was Creative's patented creation, and Apple's payment of patent infringement to Creative did not stop them from growing the iPod business to beat the Zen in popularity.
Breadtalk remains stuck in high operating costs and low returns despite the initial hype, and its business model is nothing much to talk about when the market that it serves is limited.
About the only product that is worth mentioning will be Tiger Beer - with its market profile and penetration being global - then it had its beginning not exactly from local effort but from expatriates.
Is there any Singapore businesses that can stand head to head with the likes of Samsung, Huyndai, LG, Acer, and other similar Asian enterprises that are recognised by name - globally ?
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Originally posted by Daddy!!:
Guess who misses the boat?
(SINGAPORE) Singapore is expected to pull ahead of Hong Kong as home to the highest concentration of millionaires over the next decade, sealing its reputation as a wealth centre not just in Asia but worldwide.
And while the US and Japan should remain the top two largest global economies, emerging markets such as China, India, Russia and Brazil will make their presence felt more strongly.
Now ranked seventh in terms of total net worth, China will grab third place by 2017, bypassing several G7 countries to become the third-richest country, while India is expected to make its debut in the top 10 list at No 8. Russia and Brazil will also display significant growth, moving up from 19th to 11th place and 15th to 12th place respectively.
With the Economist Intelligence Unit, Barclays Wealth released a report yesterday that forecasts the evolution of the level and distribution of household wealth in 50 countries between 2007 and 2017. Household wealth was measured using three components - financial holdings such as cash and other liquid assets, non-financial holdings such as property, and an aggregate measure that combined the two.
Last year, Singapore trailed Hong Kong in highest wealth density, with 23.3 per cent of residents having wealth of more than US$1 million. But by 2017, Singapore is expected to see this figure grow to 40.7 per cent - some 436,000 households - in comparison to Hong Kong's predicted 39.4 per cent.
According to the report, countries with the highest percentage of dollar millionaires tend to be small, densely populated financial centres such as Singapore and Switzerland.
In addition, the study revealed that the disproportionate distribution of wealth is expected to narrow as the concentration of wealthy households in Singapore, with US$3 million and US$5 million, is on an upward trend. Households with wealth of US$3 million will more than double from the current 5.1 per cent to 12.5 per cent, while those with US$5 million will almost triple from 2.1 per cent to 6 per cent.
Barclays Wealth chief executive for Asia-Pacific, Didier von Daeniken, pointed to Singapore's recent efforts to shift its focus from manufacturing towards technology and financial services. In addition, the opening up of previously protected sectors, like financial services, and bilateral trade agreements serve as an impetus to garner foreign direct investment.
For China, wealth creation has stemmed largely from the stock market and real estate. Citing figures from Ernst & Young, the report said 464 IPOs were launched in China over the past three years, raising US$134 billion. As the country's economy continues to expand, the average net worth per household is expected to quadruple, from US$18,000 in 2007 to US$74,000 10 years later.
'Asia now represents 25 per cent of HNWI individual wealth globally but only about 10 per cent of the income of the major private banks,' said Mr Daeniken. 'Growth for private banks can come from two areas - more penetration of existing wealth and more wealth being created.'
In Asia, Barclays clients are typically entrepreneurs, a trend that is expected to remain in the future.Is there any use to gloat over - ''Singapore is expected to pull ahead of Hong Kong as home to the highest concentration of millionaires over the next decade'' ?
It would have been much better if it had read that Singapore is expected to pull ahead of Hong Kong with its own significant concentration of HOME GROWN MILLIONAIRES.
The Singapore Middle Income Group has been struggling and sinking since the last economic downturn, and has not recovered but have been battered even harder since the 2006 Elections.
With inflation rising and wage increases being tightly controlled or even frozen in some sectors, can there be any consolation to the average Singaporeans if Singapore manage to become ''HOME to more millionaires than Hong Kong'' ?
If at all, it will simply exacerbate the Class Divide between the disgustingly obscene Rich and the hapless Poor.
Singaporeans will be brain washed to accept that without the Millionaires being present there will be less jobs to go around.
Will the Millionaire Ministers be prepared to sacrifice their wages to help the growth of more millionaires amongst Singaporeans ?
If the Millionaire Ministers are unwilling to sacrifice their million dollar wages to achieve this task, can we expect the same from the foreigner millionaires - as if they owe Singaporeans a living ?
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'There is hope the casinos in Singapore might fail! '
with 40% of the population millionaires, how to fail?
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How do you define "fail" or "failure"?
I cannot imagine a "casino" making a 'loss'... it is a matter of whether it earn more or less money.
The casino is here to stay, the concern is that it will increase the amount of sleaze in the country...... and lead to moral decay.... If you define that as a 'failure', I wish the casino success!
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This money grabbing Singapore Government will surely not pass up the opportunity to lay their hands on the daily collections - and based on the present taking of 40 percent of jack pot machines collections from private Clubs - even if the Government is to take anything less, it will surely not fall below 30 percent tax.
Each of the IR development will cost the owner-operator at least US$3Billion or more, and the lease on their property will be for a period of at least 60 years.
Obviously, the IR investors would have taken all these into consideration before making their decision to commit their money, and it is not an impossible task for them to recover at least US$50 MILLION a year - in order to recover the US$3 BILLION investment in sixty years.
The Singapore IR projects are unlike the casinos in Macau, which are dedicated gambling places with a large backdoor market from Hong Kong, Taiwan and China.
The challenge for the Singapore IR is similar to those in Las Vegas, which is to generate traffic into their properties from the global market based on the attractions of their investments.
The Singapore IR cannot depend on the high rollers from South-east Asian alone, and will need to attract the other business and family oriented activities to visit Singapore and spend time at these facilities.
The ultimate question is what is there left to trickle down the pipeline that will benefit the average Singaporean ?
What is the size of the cake that is left for Singaporeans after the lion share has been cut up by the Government, the Banks, and the IR Owner-Operator ?
The success and failure of this IR facilities will be measured by the social impact and the standards of living of Singaporeans after a few years have passed.
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HK decided on disneyland instead of casino. (shanghai comes in later with its own disneyland 2 to 3 times the size of that in HK)
Singapore picked up the discarded casino idea from HK. in time to come, shanghai will come in with an IR 3 to 5 times larger than anywhere in Asia. the irony of all is that rich S.E. Asians all fly into shanghai to have a few games at their casino over the weekend.
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Originally posted by Daddy!!:
'There is hope the casinos in Singapore might fail! '
with 40% of the population millionaires, how to fail?
Where gawd so many millionaire? prove it.
A millionaire is just a day away from being a pauper, by gambling it away.
Oh you clearly do not know what is gambling.
Tell me which Casino looses money by losing to gamblers?
Luckily, we have you. The consumer market needs people like you.
You know why there are less rich than poor?
The rich needs many poor to bring them money.
You are so important to this equation.
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my best guess is that there is a regular group of rich people arriving at Singapore to do banking businesses and use the IR. In short, they come here to meet their private bankers in singapore, enjoy their time in the IR and then go back home.
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ask Barclays, not me.
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"In short, they come here to meet their private bankers in singapore, enjoy their time in the IR and then go back home."
Their private bankers go to them, not the other way around.
Probably ONE of the casinos will fail due to cannabalization. I dont understand typical KS mentality...
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there's a group of super rich that prefer sg as it's owned and control by their good fren Lee family.......never ignore this group.... they got alot of money that need to be washed clean......
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many super rich are based in china and these people will not want private bankers go to them at their homes.
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Originally posted by Daddy!!:
many super rich are based in china and these people will not want private bankers go to them at their homes.
those are not the super rich i am talking about.. this china one will go macau only lah..... and they are not rich compare to those i am talking about.. -
i think the IR will only extend tourist staying in SG by another 1 day or half a day.
Saw a documentaries on the average Vegas Strip take about 20% cut from customer.
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Originally posted by lionnoisy:
There is no good policy,man.There is only BEST policy!!
Every policy come with good and bad points.U tell me 1000
points of this side of the coin,other can tell u 1001 points of the other sides.
U guys just looking for perfect policy,from your point of views.
Are u sure 'No casino' is the perfect policy?There are many low educated
and high aged people need jobs created by casions.
In this world ,u just have to choose the less evil policy ,dear!!
2.If there is any one telling u that this or that is perfect policy,
they just treat u a new born baby.
Nowadays,a 3 year old is very smart alreday!!
3.BTW,how u define fail?we cant talk if we dunt know the meaning ,right?
4.Thans for ST telling me the secret!!
Its really just about BOLEH or TAK BOLEH only.