This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Singapore Mulls Spinning the Wheel of Fortune

Casino operators have their fingers crossed that Singapore will soon authorize large, Las Vegas-style casino gambling -- a potential mecca for Southeast Asian gamblers and vacationers.

Although the government of the island city-state made a decision on the issue last Saturday, it won't announce it until Monday, a senior minister said this week.

Last December, Singapore invited casino operators and developers to submit proposals for an "integrated resort" that would combine a casino with shopping, entertainment venues and hotels. The Cabinet has been reviewing the proposals, weighing the potential economic benefits against social costs.

A "yes" decision would set off a high-stakes battle between big casino companies to win the right to develop the single resort, which experts say would be perfectly situated to tap a huge market.

"It should be a great place to put a casino," says Donald McGhie, president of McGhie Consulting, a Reno, Nev., gaming consultancy. "There's a lot of money in Singapore. You have casinos in Macao, but Singapore is a lot closer to Indonesia, Thailand and Malaysia. Singapore has a big airport, which makes it a perfect spot. They have a lot of nice hotels there, too, so they could easily support a casino."

Currently, Singapore has small private gambling clubs with slot machines and horse racing at the venerable Turf Club, but no large casinos.

Merrill Lynch analysts Sean Monaghan and Tony Raza estimate a Singapore mega-casino would receive about $328 million annually from gamblers in neighboring countries. It would also recapture 50% to 60% of the $735 million that Singaporeans spend abroad in casinos each year. Merrill Lynch does and seeks to do business with companies covered in its research reports.

Singapore Senior Minister Goh Chok Tong, who announced that the government had reached a decision, said cabinet members had been divided on a large casino. Some members sided with social groups who fear it will stoke gambling addiction.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CZR $7.09 0.00%
GE $30.89 0.00%
LVS $46.75 0.00%
MBG $27.00 0.00%
WYNN $94.28 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs