Monday, June 07, 2010

Singapore’s newly launched casinos echo creative capitalism

Another measure taken by its authorities to save families from the perils of this money-looting game, is to install free telephone connections where families can call and ask for their family member to be banned from entering and playing in the casino. There aren't any such severe restrictions on foreign tourists. However, under the National Council for Problem Gambling (NCPG), parents of adult foreign students studying in Singapore can apply for a family exclusion order, if they fear that the student can cause financial harm to the family because of gambling. Moreover, almost all casinos are part of integrated resorts, and thus no casinos can discreetly advertise themselves within Singapore but can only promote themselves as 'integrated resorts'.

Singapore has always been known for its zero crime and strict laws, which includes canning for being caught chewing gum. But it is worried about the occurance of crimes inside the casinos. In fact, a few incidents of crimes inside the casinos have already been reported. These included people being charged for cheating and mobile phone theft. The police are making all possible efforts to ensure that such crimes don't become endemic.

The opening of casinos in Singapore does make good business sense, but the government must also ensure that they do not stray away from their social responsibility to the people. Comfortably doing this will serve as an apt example for other countries like Japan, Indonesia, Malaysia, to name a few, as they too are planning to open casinos. It will also serve as an opportunity to learn for the world when it comes to creative capitalism.

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Source :
IIPM Editorial, 2009


An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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