Singapore 'will likely overtake Las Vegas'

SINGAPORE'S two casinos, in operation for just over a year, are poised to overtake a name synonymous with gambling the world over: Las Vegas.

Their stunning success was highlighted by Mr Frank Fahrenkopf, president of the American Gaming Association, on the sidelines of a gaming conference in Macau yesterday.

Mr Fahrenkopf predicted that the casinos at Resorts World Sentosa (RWS) and Marina Bay Sands (MBS) would see combined revenues of US$6.4 billion (S$7.9 billion) this year, up from US$5.1 billion last year.

The revenue for Las Vegas last year was US$5.8 billion.

Macau, with about three dozen casinos, is the world's largest gaming hub after leapfrogging Las Vegas in 2006.

The Chinese city, which attracts a large number of wealthy players from the Asian region, raked in US$23.5 billion in casino revenue last year. The figure is expected to grow by between 25 per cent and 50 per cent this year, said Mr Fahrenkopf.

It is going to be an extremely good year in Singapore and Macau, he was quoted as saying by Associated Press.

If Mr Fahrenkopf's prediction about Singapore is accurate, the world's second-largest gaming hub after Macau would also be in Asia.

Extracted from The Straits Times, 8 June 2011

Singapore an 'ideal vantage point' for German firms

SINGAPORE'S considerable economic clout and reach into South-east Asia makes it an ideal vantage point for German companies, visiting German Chancellor Angela Merkel said yesterday.

Following discussions with Prime Minister Lee Hsien Loong shortly after she arrived here, the German leader said she also saw a need to enhance cooperation between the European Union and Asean.

'We see it as a vast potential that has yet to be fully realised,' she said after their hour-long meeting at the Istana.

'The relationship between the EU and Asean needs to be further developed because these are two economic regions that wield quite considerable economic clout and therefore lend themselves ideally to cooperate even more in the future.'

PM Lee, recalling that he was Dr Merkel's first foreign visitor in 2005 when she became Chancellor, said he was pleased to welcome her, in turn, as his first foreign guest following his May 7 re-election.

Dr Merkel arrived from India for a two-day visit, and also called on President S R Nathan and met former prime minister Lee Kuan Yew yesterday.

PM Lee hosted an official dinner in her honour at the Istana last night.

Today, she will deliver the 31st Singapore Lecture, organised by the Institute of Southeast Asian Studies. A special orchid hybrid will also be named after her.

PM Lee said they had a 'very good discussion', and added that the visit showed the strength of bilateral relations.

Her visit was also a clear indication of Germany's interest and resolve in strengthening its investments, ties and engagement in South-east Asia and Singapore, he added.

Bilateral trade reached $20.5 billion last year. Germany was thus Singapore's largest trading partner in the EU, just as Singapore was Germany's largest trading partner in Asean.

Some 1,200 German companies are based here and with a considerably high level of direct investment.

During their talks, the two leaders exchanged views on Singapore, Asia and Europe, as well as broader issues of the International Monetary Fund and World Bank and financial market regulations.

PM Lee said there was more scope to build on the relationship with Germany, including in areas such as research and development and green technology.

Dr Merkel announced a new exchange programme that will allow scientists to work in research centres on both sides.

An extract from Straits Times Article dated 2 June 2011