Economic Impact Of Ir In Singapore Tourism Essay Example
Economic Impact Of Ir In Singapore Tourism Essay Example

Economic Impact Of Ir In Singapore Tourism Essay Example

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  • Pages: 6 (2729 words)
  • Published: October 8, 2017
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Introduction

An integrated resort is a casino-based holiday resort in Singapore, by now there are merely two incorporate resorts with the licences in Singapore, Marine Bay Sands and Resorts World Sentosa. Since the early 2010, these two integrated resorts set to get down operations. In a long history, casinos were illegal by the Singapore authorities. Until the twelvemonth 2005, the Prime Minister of Singapore Lee Hsien Loong claimed the determination to develop two incorporate resorts in Marina South and Sentosa.

Harmonizing to the proclamations, the purpose of this undertaking was to hike Singapore 's touristry industry and the two incorporate resorts were expected to make 35,000 occupations, for Singapore was confronting the intense competition from the nearby finishs, such as Hong Kong and Bangkok. In add-on to this, the casinos in the adjacent Malaysia took off many tourers from Singapore, a immense crisis for the Singapore touristry industry.

At the same clip, the program of constructing the casinos was capable to the public argument and unfavorable judgment among the Singaporeans. The public worried about the negative impact of the casino gaming, which would take to the hazard of compulsive gaming, even the money laundering, the loan sharks, and the organized offense. In the long tally, it would hold a negative impact on the Singapore society and the development of economic system.

In order to restrict the negative societal impact, the Prime Minister Lee Hsien Loong, capable to s important political hazard, promised that some limitations as the precautions to restrict the negative impact. Till the twelvemonth 2006, the determination of developing two casi

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no-based incorporate resorts became an established fact in Singapore. The Singapore authorities called for a request-of-concept of the incorporate resorts, and cardinal industry participants were invited to subject the proposals. In the terminal, Las Vegas Sands was the victor of Marine South and Genting International got the command of Sentosa Island in 2006. The old ages from 2006 to 2009 were the building period of IR ( Singapore statistics, 2012 ) .

Impact of IR in Singapore

The two incorporate resorts set to get down operations since the early 2010, now there are 3 old ages. The impacts of incorporate resorts on Singapore can be evaluated by the casino public presentation in the three old ages. PESTEL theoretical account bases for political, economic, societal, technological, environmental, and legislative factors, which can be used to measure the impacts of incorporate resorts on the Singapore society. In a word, the casino-based incorporate resorts have positively attracted more and more visitants and created a batch of occupations. On the other manus, the negative societal impacts of the casino economic system truly exist in the Singapore society in these three old ages.

Economic impact of IR in Singapore

As described above, the authorities promised that the incorporate resorts would hike the Singapore 's tourer economic system. In the twelvemonth 2011, the one-year growing in retail gross revenues at changeless monetary values reached 2.2 % , visitant reachings stood at 13 million, and hotel tenancy rate arrived at 86.4 % ( Singapore Statistics, 2012 ) . The visitant reachings are on upward tendency. It can be inferred from the figure tha

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one obvious twelvemonth for the growing is in 2010, and in the twelvemonth 2011 it remained the upward tendency. In add-on, the one-year growing of Gross Domestic Product kept 4.9 % . Preliminary touristry grosss for 2011 were estimated at $ 22.2 billion. Economic figures demonstrated that two incorporate resorts attracted more and more international visitants to hike the touristry industry.

Social impact of IR in Singapore

The societal impact of IR in Singapore can mention to the offense rate. As shown in Fig 3, it can be inferred that the offense rate went down since the twelvemonth 2005. The negative societal impact of the casino chancing in Singapore may take to the compulsive gaming, the money laundering, the loan sharks, and the organized offense ( Eunju et al. , 2010 ) . However, the offense rate figures illustrated that it was non true in Singapore. More surprisingly, the offense rate was dropping down in these old ages. It is evidently non plenty to judge that there is no negative societal impact of the casino chancing in Singapore. The impact on the society may be elusive.

Technological impact of IR in Singapore

This is the first clip that casino-based career resorts developed in Singapore. Not limited to the gambling industry, many related industries have been greatly improved in Singapore, such as the building industry and the cordial reception industry. In add-on to the casinos, there are other comfortss including hotels, eating houses, theaters, subject Parkss, museums and subject Parkss, shopping and convention centres. As shown in Fig 5, the edifices of Marina Bay Sands become one of the most of import landmarks in Singapore, which is equipped with a sky park and an eternity pool that tops the Marina Bay Sands hotel towers. It can be inferred that the technological development in the building industry and the cordial reception industry made great advancement.

Legislative impact of IR in Singapore

Due to the development of the casino-based incorporate resorts, some new legal regulations are built in Singapore to restrict the negative societal impact of the casino gaming. First of wholly, the Singapore authorities made the different regulations, the aliens can come in into the casino for free, and the Singapore citizens and lasting occupants of Singapore must pay the expensive entryway fee of S $ 100 per entry or S $ 2,000 per twelvemonth and keep a valid casino entry levy to come in the casino, or else there will be an expensive mulct.

In add-on to this, the visitants come ining into the casinos must be 21 old ages or older. With respect to the local occupants, the Singapore authorities made regulations that the casinos are out to widen the recognition to the local occupants. Besides, if one gambler is at the hazard of the compulsive gaming, the household members are entitled the right to barricade her or him from come ining the casinos ( Joan, 2010 ) . The regulations were promised by the president curate of Singapore Lee Hsien Loong in the twelvemonth 2005.

Body

Reasons for IR development of MGM hotel in Las Vegas

The metropolis Las Vegas is celebrated for the casinos ; every twelvemonth there

are 1000000s of visitants from all over the universe. This metropolis in America is developed for the gaming, shopping, and all right dining. There are tonss of casinos in Las Vegas, such as Venetian, MGM hotel, and Bally 's Las Vegas, this metropolis is called the name of the amusement capital of the universe. MGM hotel is a celebrated casino in Las Vegas, which is located on the Las Vegas Strip in Paradise, Nevada. Opened in 1993, by now the MGM hotel is the 3rd largest hotel in the universe and the largest hotel resort composite in the United States ( MGM Hotel, 2012 ) . This hotel is under the subjects of Africa, Hollywood, and Carnival.

Political factor of MGM hotel in Las Vegas

The political factors in Las Vegas can significantly act upon the development of the MGM hotel, particularly for the casino-based hotels. It is known that in many states in the universe the casino gaming is illegal by the authorities, and the attitude of the authorities can wholly make up one's mind the fate of the casinos. In the United States, the casino gaming is legal in 25 provinces by jurisprudence. The supportive attitude of the American authorities can be the most of import ground that MGM hotel operates in Las Vegas. It is known that in most states the political attitude of the authorities prohibits the casino gaming ( Lv and Wu, 2009 ) ; it can be good to hike the gambling industry in the United States, including the MGM hotel in Las Vegas ( Anna and David, 2010 ) .

Economic factor of MGM hotel in Las Vegas

The economic factor can be the most of import ground that Las Vegas is developed to the amusement capital of the universe. The economic factors of MGM hotel under the macro environment can be one of the most of import grounds to hike the industry. In a macroscopic position, the economic development and the continually growing of the full societal wealth in America can advance the service industry, and it is unfastened to the aliens from all over the universe ( Rivano, 1979 ) . The primary drivers of the Las Vegas economic system can be touristry, conventions, and the cordial reception industry. In bend, the related industries feed the gambling industry ( Sarah and Anthony, 2011 ) . In Las Vegas, the gambling and amusement industry is largely focused in the Las Vegas Strip, including the largest and most noteworthy casinos and edifices.

Social factor of MGM hotel in Las Vegas

In the United States, the populace widely accept the chancing behaviour, and the negative societal impact can be limited by the regulations. Different from Singapore, the casinos have a long history in the United States. America is a multiracial and high grade opening-up society ( Eunju, 2009 ) , and the tolerance degree of the populace can accept the casino chancing behaviours. In simple words, the societal environmental factors in the United States can the cardinal ground that the MGM hotel can go the largest casino in Las Vegas. The development of the MGM hotel is mostly contributed to

the development of the Las Vegas Strip, the driver of the economic system ( James et al. , 2008 )

Technological factor of MGM hotel in Las Vegas

Modern casinos are significantly different from the traditional casinos in the ancient times. It can be seen from the undermentioned images that the modern casinos are equipped with the modern installations. For illustration, there are 2,500 machines for gambling every bit good as 139 fire hook and table games in the MGM hotel, and these machines are hi-tech. In add-on to these hi-tech machines, the casinos are besides equipped with the hi-tech modern monitoring systems, such as the cameras and the detectors. In most instances, the detector systems are installed to forestall cheating at a casino bet oning tabular array ( Billy et al. , 2012 ) . Under the monitoring systems, modern casinos can successfully run.

Legal factor of MGM hotel in Las Vegas

Every industry in the concern universe requires the direction of the jurisprudence, peculiarly for the casino gambling industry. As described above, the casino industry can hike the touristry industry, at the same clip the negative societal impact can non be ignored, such as the compulsive gaming and the organized offense Menais and Marcoux, 2002 ) . Casinos in Las Vegas can non make with the well-established legal system. Harmonizing to the US federal jurisprudence, Nevada is the lone province where casino-style gaming is legal statewide, and the local authoritiess enforce licensing and zoning limitations. Las Vegas gaming was legalized in 193. Nevada Gaming Commission and the State Gaming Control Board govern the gambling industry through rigorous ordinance of all individuals, locations, patterns, associations and related activities, including the MGM hotel ( Bet oning Nevada, 2012 ) .

Arguments for IR development of MGM hotel in Las Vegas

The MGM hotel in Las Vegas undertakes the liability to the clients and investors, at the same clip, this casino-based hotel can do net incomes from casinos, retail stores, attractive forces, and conventions ( Eunju et al. , 2012 ) . The MGM hotel is a 30-floor chief edifice with rivers, waterfalls, five out-of-doorss pools, convention centre, the MGM Grand Garden Arena, and the Grand Spa. On one manus, the MGM hotel is a listed company, and it can raise the fund from the populace.

The liability to the clients and investors push the MGM hotel frontward. It is known that the liability to the clients can be the good service by the MGM hotel, and the MGM hotel provides the clients with the satisfactory service. The liability to the investors can be the net incomes, as for the listed company it is the portion dividends from the MGM hotel, which depends on the concern public presentation of the MGM hotel in the long tally. As described above, it makes net incomes from casinos, retail stores, attractive forces, and conventions.

Decisions

Discussions on the sustainable development of MGM hotel

In order to maintain the sustainable development, the MGM hotel demands to explicate the long-run scheme. The chief point to maintain the sustainable development is to supply the value for the clients in the long tally. Successful casino instances prove that

the key to the sustainable development of casinos can be the advanced service. In most instances the casinos can supply the usual games, such as the slot machines and many sorts of the tabular array games ( Yim et al. , 2012 ) . However, it is non plenty in the concern universe, and now more and more clients expect more exciting gaming games.

In add-on to the advanced gaming games, the clients, particularly the female clients, are looking for the exciting shows in the incorporate resorts. Talking in kernel, the touristry economic system is a sort of experience economic system. In other words, the key to the sustainable growing of the MGM hotel is to construct a good experience for the clients, something different and merriment in the MGM hotel can pull the clients from all over the universe. In order to make the experience, it can take actions to pull attending, and the key is to the advanced service to maintain the sustainable growing of the MGM hotel.

Sustainable schemes of MGM hotel over the following 2-3 old ages

In order to maintain the sustainable growing of the MGM hotel, some schemes need to be adopted to pull the clients from all over the universe. Over the following 2-3 old ages, the hereafter of the gambling industry can be possible, and many gamblers from the emerging states, for illustration China, can be the driver of the new growing. Importantly, mark clients need to cover the possible gamblers in the emerging states, non limited to those traditional developed states. In add-on to this, the casino direction of the MGM hotel had better take the construct of the integrated resort into history. In the followers, three possible schemes can be carried out to maintain the sustainable growing.

International event in the MGM hotel

Many tourers will do the travel program when there are international events in some international finishs. In order to pull a batch of visitants, the MGM hotel can keep the yearly international event. In the gambling industry, the most exciting thing is the immense wages. So, the subject of the yearly international event of the MGM hotel is the chancing games and the immense wages. Every twelvemonth 1000s of first-class gamblers will take portion in the math in order to win the immense wages, and this international event can pull 1000000s of visitants from all over the universe. Peoples will be excited at the immense wages and the first-class lucifer in these chancing games. In order to pull the visitants from the emerging states, there will be some popular table games. So, the yearly international events can pull 1000000s of visitants, therefore the MGM hotel can maintain the sustainable growing in the long term.

 Super star show in the MGM hotel

Normally those gamblers are risk-taking people, and they are excited at the popular and exciting things, for illustration the most popular ace star show. The Manner is ever altering, and people are brainsick at the manner, particularly the ace star show. In order to maintain the sustainable growing of the MGM hotel, some regular ace star shows need to be held to pull

the visitants from all over the universe, for illustration Lady Gaga. The key to maintain the sustainable growing can be the clients, and normally ace star show can pull attending ( George et al. , 2012 ) . Merely when 1000000s of people visit the MGM hotel, there will be the sustainable growing. In add-on to this, people are brainsick at the fresh and fantastic experience, ace star show can be effectual and efficient.

Advanced service in the MGM hotel

As described above, the kernel of the service industry is the alone and fantastic experience ( Mark et al. , 2000 ) . In order to maintain the sustainable growing in the long term, the MGM hotel can supply the clients with fresh and fantastic experience. First of wholly, the MGM hotel can make new chancing games to pull the gamblers. Beyond the traditional games, such as the slot machines and table games, it can present the popular games in the emerging states. Second, it can do inventions in the amusement, as described above ; there are touristry, conventions, and the cordial reception industry. Service inventions can convey new attractive forces for the MGM hotel in the long term.