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IR Exercise (Observations (Too eager to please (Trust/credibility issue…
IR Exercise
Observations
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Concerned about citizens, finding common ground (between SG and LA)
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Each Ministry has its own concerns (STB and EDB more (+) for the IR bc it directly contributes to their KPI directly, MSF and MHA more (-) bc chances it creates more problems for their KPI)
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Concerns
Investors
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Government Support
Infrastructural Support (roads, power (electricity), nice location)
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Govt
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Political
Domestic (internal politics) - is it a popular decision? Will they lose votes? (not a big issue now, but then was)
International (Muslim countries, our neighbours, may be offended. Especially Malaysia bc their ppl come here to gamble too and they also have a casino; used to have a direct bus from JB to our casinos)
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govt cares about security but tries to push the cost to the IR. whatever security inside casino will be borne by firm. if there's a big event, govt before issuing license will ask organisers to employ security officers to manage the event. BUT if smth happens, ppl will tend to blame the police force, not the IR
govt tends to be risk-averse (bc the whole world will blame them). so from the govt's perspective, we'll take a risk-averse decision/action
usually biz ppl won't be willing to commit on the spot, they will make calculations of costs
firm about fixed tax rates (certainty). high tax ok, but must be certain. similar as restrictions, ok to have harsh, but want the operations to be certain. and operationally feasible (compliance issues) -> is the cost of compliance too high? if so, might have to alert the govt
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Hospitals 30 to 50 years, Casinos is less than 5 years (for billions of dollars; very short payback period)
Other countries who operate IR tends to put it far from the city (local) bc they want tourists to gamble but not locals. But why SG puts it right in the city? Convenience of the tourists! (psychological barrier: the MBS and RWS only attracts certain type of ppl to go in so that ppl self-select to go in due to the way we design the building; so locals don't go in. The shopping at MBS priced out all the locals, only reserved for the very high-end)
A lot of smart people refuse to go to University but rather choose to work in casinos bc casinos are the most profitable employer. So the smart ppl do not go to Uni and further our development. This is in Macau and seen as a misallocation of resources. Potentially could be a problem for SG
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Ministers go on foreign talks etc: Attract foreign investors + get countries to do business w us (enlarge our local market), also provides funding and technology support for these businesses (SSCIP, ESG, etc)
civil servants - public servant, serving the members of public (e.g. police)
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