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The cost of staging the race is estimated at $150 million, but each event is now said to bring in only about $160 million in tourism dollars. Subtract the loss in retail business in the cordoned off Marina area, and it's not difficult to imagine the red ink bled since day one.
Compare the numbers to the $195 million in casino entry levies collected by the government last year. In the first 6 months of this year alone, $93 million has already been pocketed. Minister of State for Finance Josephine Teo said the casino entry levies collected by the Singapore Totalisator Board (Tote Board) are used for social and charitable purposes. Since 2009, she claimed the government has more than doubled its expenditure on containing gambling ills, from $3.8 million in FY09 to $9 million in FY11.
- http://singaporedesk.blogspot.sg/2012/07/minister-who-can-say-no.html
Compare the numbers to the $195 million in casino entry levies collected by the government last year. In the first 6 months of this year alone, $93 million has already been pocketed. Minister of State for Finance Josephine Teo said the casino entry levies collected by the Singapore Totalisator Board (Tote Board) are used for social and charitable purposes. Since 2009, she claimed the government has more than doubled its expenditure on containing gambling ills, from $3.8 million in FY09 to $9 million in FY11.
- http://singaporedesk.blogspot.sg/2012/07/minister-who-can-say-no.html
