Last Updated on 10, April 2014
My stand on casino is this: No. We should not build one because
(1) The love of money is the root of all evil
(2) The casino does not create wealth
On the 2nd point, I fail to see how the casino can create wealth. There is an article published in ST on Saturday and written by a well known convict on the workings of the casinos. One important thing pointed by the author is the "House Advantage". Due to the way the rules of the game is defined, statistically the casino wins. As the game is a zero-sum game and if the rule of the game favours the casino, it implies that on a long run, gamblers always lose. There is no wealth creation. Just transfer of money from gamblers to the casinos. How will this help the economy? While we may say that the casinos targets tourist, globally speaking there is no wealth creation in this sector.
For a long time, Singapore has been very resistance to the idea of a casino. Now we are going to have two! Are we running out of ideas? It can be a bad sign for Singapore.
Like this article? Subscribe to my newsletter below for more.