Southeast Asia has become the gateway to tourists for varied reasons. A record number of casinos and many more sprouting up everywhere in Southeast Asia is one of the major reasons to draw a record number of tourists which is adding to the national treasury and even shaping the economy of the nation. As per records it is seen that among the 10 member ASEAN grouping only Thailand, Indonesia and Brunei do not have legal casinos. Looking into these scenarios Singapore and Vietnam have recently amended their casinos laws to reflect the reality that gambling has been legal and encouraged in so many years in the conservative societies.
Singapore is seen as a global business centre for companies and professionals from all over the world work here ad visit Singapore for business reasons. It is also a gateway and a global business hub for almost all top companies to manage their south Asian business from here which makes it more than important to offer everything world class. Apart from business it is a great tourist destination especially for Asians and there is no wonder Singapore is busy all around the year. A variety of conferences, exhibitions, seminars, trainings and much more keep happening here which keeps Singapore on its toes all the time. Because of influx of people from all over the globe Singapore wanted tighter regulations on its casino industry barring and rather discourage people from low income group and unemployed from participating in it. In addition to that even a proposal was submitted to Vietnam’s National Assembly Standing Committee that requires investors to declare a registered capital of at least U.S. $4 billion and a minimum 10 years experience in this business prior to a casino licence being issued to them.
In addition to all these restrictions Singapore is also facing different social problems that the government is now beginning to confront. There is no second doubt that Singapore as a country has emerged as Macau’s closest competitor in casino industry segment. Casino profits are soaring but the drawback is that many local residents are burdened with gambling debts and this is something which the government is worried about. As this problem is growing with each day the Government is still struggling to find a way out. Government has already taken stern steps where it prohibits “financial vulnerable” individuals from entering casinos and over 43,000 Singaporeans falling in this category is a big thing. With each passing day Government is planning to take more stringent actions for the betterment of society.
Singapore can definitely look at Vietnam as a role model where they have banned all locals from gambling in the casinos. Currently Singapore does collects levies from their local residents who wish to play in casinos but this exercise has failed to discourage the local population, including the ones who are not so well off from playing in the casinos. It is time that Singapore needs to draft some strong policies to make the entire casino industry and at the same time barring locals who could not afford to keep at bay.
