Economy slowdown hits Integrated Resort due 2009

Source:
http://sg.news.yahoo.com/ap/20090203/tbs-as-singapore-tourism-3c8dc0d.html
http://app.stb.gov.sg/asp/index.asp?



Singapore tourism continues to shrink in December for a seventh month, adding to the city-state's economic woes, as more visitors stayed home amid a global slowdown.

Tourist arrivals to Singapore fell to 880,000 in December 2008, down 6.9 percent from the same month a year earlier, the Singapore Tourism Board said. Hotels revenue also took a dip from 7.4 percent to 141 million Singapore dollars ($93 million) in the seven months.

Factors leading to the dip of tourist arrival is believed to be directly affected by the ecnonomic slowdown, inducing potential tourists to stay home instead of going on a holiday. This effect may be as long lasting as the economy crisis is expected to stay globally.

Singapore's economy is highly diversified, with Service and Tourism taking up a substantial percentage. The shrinking of the industry is sure to affect the economy in considerable degree, especially with the Integrated Resort that is scheduled to be ready by the 2009.

The Integrated Resort was part of the government's plan to ease its economic dependence on manufacturing and exporting and also an initiative to re-position itself and increase its attractiveness as the new tourist attraction. The Integrated Resort includes two casinos, Universal Studios amusement park, hotels, restaurants, shopping malls, Convention Centers, Theatres and Museum and other facilities

The tourism industry slowdown may undermine the expected flow of tourists the Integrated Resort will bring to the nation.

Despite the present unoptimistic situation, the Singapore Government continues to work towards pulling more tourists into the city by hosting the upcoming youth Olympics and the recent F1 race.

The Singapore Tourism Board also work to not only attract tourists to come to Singapore for leisure holidays, but also for Official Conferences (Medical, Economic etc), education and business.

Some examples of the works of the board are BikeAsia 2009, Indexing & ETF Investments Asia 2009 and Singapore LIVE 2009 (18th Annual Live Interventions in Vascular Endotherapy, Global Healthcare Congress 2009)