Minster of Finance and Planning, Dr. the Hon. Peter Phillips, says there is no need for additional regulations before the Requests for Proposals (RFPs) are issued for the development of integrated resorts.
He said that the regulations that have been promulgated “are all that is needed to issue the RFPs.”
Dr. Phillips was speaking as he closed the 2013/2014 Budget debate on May 1 in the House of Representatives.
The integrated resorts development, of which casino gaming will be one component, will provide a mix of tourism facilities, including but not limited to hotels, villas, and attractions, sporting facilities, service centres and shopping centres.
The Finance Minister announced on April 18 that the Government will begin accepting bids for the construction of integrated resorts under the recently gazetted Casino Games Regulation 2012, as of June 1.
The period for receipt of requests and completed applications will be from June 1 to September 30, 2013.
The Casino Gaming Act was passed by both the Upper and Lower Houses of Parliament in 2010.
Dr. Phillips said the approved integrated resort developments are the means by which the Government proposes to substantially grow the hotel sector with accompanying casinos, entertainment, banqueting and other facilities.
He noted that the model, which the government is using, is based on that introduced by Singapore, which is inclusive of hotels, restaurants, shopping and convention space, with casinos, and has led to a “phenomenal growth in tourism”.
The Minister said that Singapore now earns more from its casino floors than Las Vegas in the United States.
Local regulations also require that the integrated resort development, when completed, will comprise one or more hotels, providing