Singapore Casinos Hope To Benefit From Economic Recovery

The success of Singapore's luxury new gambling resorts could depend on the pace of economic recovery.

The companies behind two new casino resorts being built in Singapore are optimistic of tapping into a lucrative market for luxury entertainment and high-end gambling.

Although the local government's decision to grant Singapore's first two casino licences has not been without controversy, industry analysts have claimed that the island city-state holds much potential for gaming operators, the Financial Times reports.

Built by Las Vegas Sands, the Marina Bay Sands is expected to cost $3.6 billion (£2.2 billion) and features a 55-storey high 'sky park' as well as theatres, shopping malls and a museum.

The other casino, Resorts World at Sentosa, is even more extravagant, with the $4.7 billion development containing a Universal Studios theme park and an oceanarium.

According to the newspaper, analyst Edward Ong of Macquarie has estimated that the casino market in Singapore is worth between S$4.5 billion (£1.9 billion) and S$4.9 billion a year.

However, industry figures acknowledge that much of the gambling resorts' initial success will depend on the pace of economic recovery in Singapore and around the world.

Marina Bay Sands is aiming to target high-rollers with the Paiza Club, an exclusive gaming area situated on the upper levels of its main casino floor.

Members of the club will also enjoy access to the company's other resorts in Macau and Las Vegas.