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SINGAPORE: A DBS research report says Resorts World Sentosa and Marina Bay Sands would have added 0.3 per cent or S$470 million to Singapore's Gross Domestic Product in the first half of the year.
The report says the two integrated resorts (IRs) can be expected to contribute S$2 billion or 0.7 per cent to the full-year GDP growth.
The government expects the Singapore economy to grow by between 13% and 15% this year.
The DBS report adds that overall economic gains to the economy are likely to be significantly larger if the spinoffs to other industries are taken into account.
This would include the "value add" that were generated during the construction phase of the projects, more MICE (meeting, incentive, conference and exhibition) activities as well as the increase in retail and F&B spending arising from higher tourist arrivals.
The IRs are also expected to complement high profile events such as the F1 and the Youth Olympic Games this year, creating even greater synergistic spinoffs for the rest of the economy.
The report adds that the IRs have also contributed significantly to the economy in terms of job creations ahead of their official openings.
- CNA/ir
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