Singapore ranks as one of the most awe inspiring and luxurious cities in the world, as it is doused in bright lights and features popular events such as the Formula 1 Singapore Grand Prix. Taking all the glitz and glamour of this famous city on board, it looks like tourist numbers are on the rise, increasing in 2016 by 8% to 16.5 million.
Analysts believe that this increase can be attributed to the state’s relaxed approach to gambling, as the region’s government made the decision to lift the decades-long gambling ban that was once in place.
Top travel destination
According to a detailed report issued by Credit Suisse, Singapore is now seen as much more than just a stop-off point for connecting flights to elsewhere. It is now a case that Singapore is a top travel destination in its own right, with tourism growing by 25%, following the launch of the city-state’s first land-based casinos.Opened in 2010, both of these casinos saw an initial influx of Chinese visitors, with both outlets going from strength to strength ever since. Giving reason for increased optimism, despite the sluggish economy, in 2016 thus far tourism-based income has surged by a whopping 34%.Given its increased prominence on a national scale, the Singapore Tourism Board stated that the gaming and entertainment market accounted for more than 24% of tourist spend between January 2015 and September 2015.
There is now no denying that the image of Singapore is changing, as it now on the fast track to becoming a gambling Mecca. Confirming how Singapore is now seen by the world, Gerald Wong (Credit Suisse Analyst) said, “2016 could be a record year of arrivals. We expect Singapore to continue to benefit from continued growth in Chinese outbound travel, as the casinos within the country continue to generate momentum”.