“We cannot change the cards we are dealt, just the way we play the hand.”- Randy Pausch
Casinos are always full of fun and adventure until real money games plunge. However, casinos have the cardinal rule of making the punters keep coming back to them. The same is true with the casino scene in Singapore. The lucrative thing is it attracts tourists to participate in the glamorous table games and slot machine games. This adds a massive S$3.5 billion to Singapore’s economy and provides almost 33,000 jobs. Casinos are adding to tourism with world-renowned Resorts World Sentosa and Marina Bay Sands casinos adding to the economy manifold.
Changes in Singapore’s Economy Through Casinos
Casinos offline and online are already developing rapidly and contributing thousands of dollars to Singapore’s economy. As the tourism sector is in full swing after the pandemic, the two big offline casinos of the country are fully operational.
There is no limit on the bets made, and people can play without hassle. Most foreigners also switch to online casino Singapore, as they want to avoid the crowd and comfortably win money from their couch or on the move. The casinos such as Maxim88 offer the best live casino games and other games offering maximum bonuses and promotions.
Apart from this, the government taxes the revenue earned through casinos. Casinos generate a massive income for Singapore’s economy. The taxes are levied at the Federal level. Moreover, it is contributing massively to the tourism sector too. As tourists stay in hotels such as Genting Resorts or Marina Bay Sands, they use various amenities, including the casinos over there. Foreigners pay in Singapore dollars or sometimes trade the currency at the hotels. It also leads to an influx of foreign currency, adding a huge chunk to the country’s economy.
Casino Industry is Booming in Singapore: Here’s Why?
The market size of Singapore’s casino industry is rising heavily, with the valuation increasing to $4.4 billion in 2023 and $5.2 billion in 2024. The post-COVID years are watching the 65% of gross gaming revenue growth.
The above figure shows how these glamorous casinos are attracting customers from across the globe. Moreover, the country has seen shopping at their magnificent malls being increased after the COVID pandemic. We all know that Singapore is known as a shopping destination. It contributes almost 1.4% to the economy, and casinos contribute 2%.
The resorts and shopping malls both contribute largely to Singapore’s economy. Even these sectors combined add almost 1.8% to the country’s economy. Casinos and shopping malls are also major attractions for tourists and Singaporeans.
Casinos Emerging as a Form of Entertainment
Casinos are not only contributing to employment, economy, and glamour but also helping to boost the tourism sector. The tourism industry of Singapore contributes almost 5% to the GDP. The casinos and local culture, with a mix of other sources of entertainment, are contributing profoundly to the country’s tourism sector. Besides this, tourists from India, China, and other Asian countries increasingly travel to Singapore for fun and shopping.
The contribution of casinos has become massive in a few years because of the Genting Group. COVID saw an increase in online casino gameplay, but lifting restrictions has made things easier for tourists and the country. You can also witness Formula 1 car racing and movie shooting locations being developed to attract Bollywood and Hollywood movie-making companies.
Most people and even the cultural centers in Singapore believe that local culture must be promoted, too. It will help tourists know more about the country except the big shopping malls, casinos, and the lavish infrastructure and buildings Singapore has to showcase.
Controlled Gambling Activities
It is true offline and online casinos have received much hype in the country. This does not mean that the Singapore government has no control over or levied any regulations on gambling activities. Most casino activities, except the lottery, are banned for natives. Tourists can enjoy everything from live dealer table games to modern slot machines.
Mass gaming is taxed at 18% in the country; except this, all forms of casino activities are taxed at 22%. It adds a massive billions of dollars to Singapore’s economy. However, the winnings earned by the gamblers do not fall under the tax bracket. There is no need to declare your casino winnings while filing an Income Tax return.
The Love Relationship of Singapore with the Casinos
We know that casinos contribute massively towards tourism and the country’s economy. Do you know Singapore shares a love relationship with its casinos?
Well, yes. The two famous casinos exercise the ban on smoking in their indoor areas. However, smoking is not banned in gambling rooms. The government wants to attract powerful tourists from Western, European, and Asian countries. Another difference the casinos exercise is that the foreigners can show their passports and gain entry to the casino rooms. However, the citizens of the country have to pay S$100.
To curb the gambling addiction among the locals, these casinos are made expensive for the citizens. Big contributions in these casinos only come from foreigners.
Also, Singaporean politicians and bureaucrats are changing laws to fit and align for the country’s good. Taxes levied are to increase the revenue for the economy. The tourism sector is lucrative and happens to attract a large number of foreigners. Therefore, online casinos authorized and regulated in Singapore are the only source for citizens.
Choose Your Next Casino Platform Wisely!
What’s best about Singapore is the sprawling casino sites that can house thousands of gamblers simultaneously. The unique facilities make these casinos attractive to tourists. However, if you still cannot afford to go for the offline casino or want to enjoy your pina colada at home. Try choosing the authorized and licensed Maxim88 casino. They have dedicated live dealer casino Singapore and casino games to entertain millions of customers from across the globe. You also get 24×7 customer support. Happy gambling!