The big buzz in Singapore is about the casinos beginning to dot the city-state.Singapore prefers to call them "integrated resorts." Gambling is what it is, though. Welcoming Las Vegas tycoons Sheldon Adelson and Steve Wynn is intended to woo tourists and diversify the economy.
It's not exactly a new idea. The truth is that Singapore has been gambling for some time now, and not very well.
The die was cast when the Government of Singapore Investment Corp, which manages more than $US100 billion of state currency reserves, bet big on Zurich-based UBS. It took three days to agree to prop up debt-laden UBS in 2007. It may take 10 years to recoup that $US10 billion. Full Story
