Youtube: Singapore's big bet on casino - Al Jazeera

[aurvandil]

The casino issue is not yet ripe. Based on the first day takins of RWS (est $3.5 mil net), the IRs will run into serious cash flow problems in 6 to 12 months. When that happens, we will have the thorny problem of:

1) Allow the casinos to circumvent the $100 levy and keep afloat
2) Bailout the casinos using the reserves

This however hasn't happened yet. So probably a good idea to let the matter rest for the moment and resurface it when there is more empirical evidence.

 

[Goh Meng Seng]

You are a very TEROK opposition politician.

YOU were given a WORLD INTERNATIONAL chance to whack the SCUMS properly and you did not seize it. You should have PEPPERED your answers with sarcasms and innuendos BUT YOU FAILED. KNN...2 cts politician. Arh, which school you came from again?

I do not think making PAP government "embarrassed internationally" will do us any good at this moment. Talk about the issue internationally, that's fine.

Sarcasm could be used in many other ways but reserved mainly for people who deserve it. Well, I used to use sarcasm quite often but I guess when one get older and hopefully wiser, we will have to make judgment and use it appropriately.

Goh Meng Seng

 

[ahleebabasingaporethief]

The casino issue is not yet ripe. Based on the first day takins of RWS (est $3.5 mil net), the IRs will run into serious cash flow problems in 6 to 12 months. When that happens, we will have the thorny problem of:

1) Allow the casinos to circumvent the $100 levy and keep afloat
2) Bailout the casinos using the reserves

This however hasn't happened yet. So probably a good idea to let the matter rest for the moment and resurface it when there is more empirical evidence.

Was there over the weekend (hotel not casino) and I saw 50-60 Malaysian coaches parked underground.

Anyone been there recently and have first hand news as to how the casino is doing?
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[Queen Seok Duk]

Meng Seng,
Did you agree to being labeled as a "Political Activist" instead of "Member, Workers Party"?
Just curious to know.

Ah Seng left Worker's Party long long ago in San Francisco lah.

 

[bryanlim1972]

Was there over the weekend (hotel not casino) and I saw 50-60 Malaysian coaches parked underground.

Anyone been there recently and have first hand news as to how the casino is doing?
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the tables are quite full at the common gaming areas, but the vip areas not as packed.

surprisingly, a lot of malaysians coming here to gamble!

 

[travelbug]

the tables are quite full at the common gaming areas, but the vip areas not as packed.

surprisingly, a lot of malaysians coming here to gamble!

My guess is that the Malaysians are mainly from the state of Johor where there is a higher population of Chinese concentrated and the journey to Spore is much shorter than the journey to Genting Highlands. So the influx of Malaysians to RWS.

Could also be there is some discount coupon going on between Tourism Spore for overseas visitors. I have read some Malaysian blog posts in the past where Sentosa Corporation gave food & attraction discounts to Malaysians entering Sentosa. Those of you with Malaysian friends, relatives & business associates should find out more from them on this. Its discrimination by the way for Spore citizens.

 

[aurvandil]

My guess is that the Malaysians are mainly from the state of Johor where there is a higher population of Chinese concentrated and the journey to Spore is much shorter than the journey to Genting Highlands. So the influx of Malaysians to RWS.

Could also be there is some discount coupon going on between Tourism Spore for overseas visitors. I have read some Malaysian blog posts in the past where Sentosa Corporation gave food & attraction discounts to Malaysians entering Sentosa. Those of you with Malaysian friends, relatives & business associates should find out more from them on this. Its discrimination by the way for Spore citizens.

This is why the issue is not ripe.

Right now there is just speculation that the casino opearations are not generating sufficent revenue. If the nett earnings for RWS were so low without Sands, then the situation will be even more dire when Sands opens.

6 months to 1 year down the road, we will have financial results and other empirical evidence to back up the various claims floating around. Also there will be interest/loan repayments which have to be made. If really money no enough, then there will be no hiding it.

So for now, let's just listen to the gossips and wait for this issue to ripen. As it will be quite potent when ripe, I think we can afford to be patient.

 

[Rogue Trader]

surprisingly, a lot of malaysians coming here to gamble!

RWS run by genting so of course they will rope in regular gambler from their country to come visit new outlet here.

 

[ray_of_hope]

This is why the issue is not ripe.

Right now there is just speculation that the casino opearations are not generating sufficent revenue. If the nett earnings for RWS were so low without Sands, then the situation will be even more dire when Sands opens.

6 months to 1 year down the road, we will have financial results and other empirical evidence to back up the various claims floating around. Also there will be interest/loan repayments which have to be made. If really money no enough, then there will be no hiding it.

So for now, let's just listen to the gossips and wait for this issue to ripen. As it will be quite potent when ripe, I think we can afford to be patient.

I doubt that even after another 6 months any firm conclusions can be arrived at about the viability, and for 2 reasons:

Both casino operators are still working out the mechanics of how best to bring in high-rollers.

Second, Sporns generally react negatively to the imposition of a levy but after some period of time they become inured to it and decide to stump up money for the fee. (A not very precise example or parallel of this is when taxi companies raise their flag-down rate. The immediate result is a drop-off in passenger numbers, but after a few months the numbers are normalised.)

 

[aurvandil]

This is why the issue is not ripe.

Right now there is just speculation that the casino opearations are not generating sufficent revenue. If the nett earnings for RWS were so low without Sands, then the situation will be even more dire when Sands opens.

6 months to 1 year down the road, we will have financial results and other empirical evidence to back up the various claims floating around. Also there will be interest/loan repayments which have to be made. If really money no enough, then there will be no hiding it.

So for now, let's just listen to the gossips and wait for this issue to ripen. As it will be quite potent when ripe, I think we can afford to be patient.

Forgot to mention that many pple in this forum are avid gamblers. Any clever scheme to circumvent the levy is likely to get widespread attention.

 

[aurvandil]

I doubt that even after another 6 months any firm conclusions can be arrived at about the viability, and for 2 reasons:

Both casino operators are still working out the mechanics of how best to bring in high-rollers.

Second, Sporns generally react negatively to the imposition of a levy but after some period of time they become inured to it and decide to stump up money for the fee. (A not very precise example or parallel of this is when taxi companies raise their flag-down rate. The immediate result is a drop-off in passenger numbers, but after a few months the numbers are normalised.)

No worries. Many of us here are very patient. Wait 5 years also can ...

 

[Goh Meng Seng]

Meng Seng,
Did you agree to being labeled as a "Political Activist" instead of "Member, Workers Party"?
Just curious to know.

No. The TV station decides to use this because of the debate which could not get PAP members to attend. So it decides not to use political titles for me as I participate in the debate.

Goh Meng Seng

 

[vamjok]

he was from the no 1 uni in sg. NUS

wait .....who cares there are only 3 anyway

 

[longbow]

Casinos in Singapore will do well.

After all there are only 2 in Singapore. Genting Malaysia is too far away and difficult to get to. In Singapore you get to sight see, makan, Universal Studios, medical checkup, attend to banking and business and gamble.

As for their heavy debt loans, most of it can be restructured (as long as cashflow is strong, banks will be fine with it), IPOed (Universal can be IPOed).

The casino issue is not yet ripe. Based on the first day takins of RWS (est $3.5 mil net), the IRs will run into serious cash flow problems in 6 to 12 months. When that happens, we will have the thorny problem of:

1) Allow the casinos to circumvent the $100 levy and keep afloat
2) Bailout the casinos using the reserves

This however hasn't happened yet. So probably a good idea to let the matter rest for the moment and resurface it when there is more empirical evidence.

 

[myo539]

......But apart from the contribution to social enterprises, it is undeniable that Lottery and Toto provided the seeding to create potential problem gamblers........ Goh Meng Seng

If your theory about gambling is right, then our neighbour to our North should be hell and our neighbour to the South should be heaven.

Our Muslim neighbour to our South is dead against gambling in any form. They even sent commandos from Java to raid the mini-casinos in Batam. So without gambling to "seed potential problem", is Indonesia much better than Singapore in terms of social harmony, crimes and prostitution?

And does our Muslim neighbour to the north which has a casino for more than 40 years have "seeds" that have grown into a jungle of crime-infested society flourishing with the flesh trade?

If you talk about "potentials", then the oppositions in power have a greater potential to lead Singapore down the drain.

 

[myo539]

Was there over the weekend (hotel not casino) and I saw 50-60 Malaysian coaches parked underground.

Good arrangement. Resort World Sentosa is owned by a Malaysia. Many Malaysian buses bring workers to the factories everyday and instead of going back to Johor and Malacca empty, they can now bring back the casino guests back. Wise guys, these Malaysians.
.

 

[aurvandil]

Casinos in Singapore will do well.

After all there are only 2 in Singapore. Genting Malaysia is too far away and difficult to get to. In Singapore you get to sight see, makan, Universal Studios, medical checkup, attend to banking and business and gamble.

As for their heavy debt loans, most of it can be restructured (as long as cashflow is strong, banks will be fine with it), IPOed (Universal can be IPOed).

Casinos will of course do well. They will be able to make it as long as the levy can be circumvented.

For the other "attractions", they are not commerically viable on their own. If they were and there was a lot of money to be made, they would have be set up long ago without the need for the casinos.

Since the failure has not happened yet, we will just have to be patient, listen to gossips and watch very closely. The time to strike will be when there is strong empirical evidence and the truth can no longer be hidden.

 

[DrPanacea]

Ah Seng left Worker's Party long long ago in San Francisco lah.

Oops....I didn't know that as I will vote for any cow or corpse from opposition, no need to know who they are. My objective is to prevent PAP 2/3 majority.

So where did he go?

 

[Ash007]

No. The TV station decides to use this because of the debate which could not get PAP members to attend. So it decides not to use political titles for me as I participate in the debate.

Goh Meng Seng

No PAP member attend? Its very strange that the PAPee allows the IRs and yet you have no one from the ruling party giving its point of view. Anyway, Mr Goh, you look very nervous towards the end. You also don't seem to make your point about problem gambling enough. I suggest you start looking at some speeches, especially question time on the ABC. Q&A is also an excellent program where you can see how different people defend their "position", political views in a live setting. Also as a tactic, you should squeeze in why there are no PAP member in the panel. Just because they refuse to attend doesn't mean you can't highlight that fact.

http://www.abc.net.au/tv/qanda/

 

[fengshuisifu]

Disagree with GMS, without Casino, Singapore will be worse off..The spin off effect in the economy is GREAT & 20 years down the road, the advantages will outweigh the disadvanatges

Do not expect govt to play policeman all the time!
Individual responsibility always come first.

Singapore should be develop as a CASINO Hub in ASEAN, this distinct advantages cannot be replicated in due to the nature of religious, politics & society set up!