Asia Times Online, 13 Nov 2008, Muhammad Cohen
HONG KONG - Singapore Prime Minister Lee Hsien Loong's 2005 decision to overturn the government's long-standing opposition to casinos and make the island a gambling mecca that might rival Macau looked a safe bet at the time. The global economy was thriving and gamblers in China and elsewhere in the region were awash in cash and willing to cross borders to gamble in ways they couldn't in their home states.
Three years on and Lee's gamble looks less secure. Las Vegas Sands (LVS), the government's partner in the downtown Marina Bay Sands project, is staving off talk of bankruptcy after seeing revenues dive and its share price plummet. Tourist arrivals to Singapore are meanwhile sliding amid the global downturn and even Macau, the benchmark for gambling projects in Asia, is struggling to maintain momentum.
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