Singapore Govt hesitant about extending F1 beyond 2012

[sir cum-a-lot]

this is the 3rd year that singapore hosts the only night city race in the F1 calendar. the gov & the organizers were so very sure & confident that the event would bring a tsunami of economic benefits to this island & enlarge this red dot on the world map.

so, why so hesitant about extending the contract to host for the next 20yrs?