Gambling Industry Essay Example | Topics and Well Written Essays - 2500 words

Gambling Industry - Essay Example ingapore Government in order to introduce the casinos officially in the international market was in 2005 by providing licenses to two of the casinos in Singapore. There were many controversies and remarks that went against the policy but today after taking proper legal actions and control the government have recorded to generate large incomes in terms of tax revenues from the gamblers. Another reason why gambling is so important for the economy is that it attracts customers from all around the world. Therefore, it enhances the growth of tourism sector, which is another major contributor to the Singapore Economy. This paper in this regard is focused on the challenges of the international market and the competencies of the gambling industry in Singapore. Conclusively the paper shall also direct to evaluate the limitations and drawbacks that can prove to be affective for the growth of the industry and try to suggest the economy to eradicate those factors. On this behalf, the paper shall also consider the Porter’s Diamond Model to analyze the competitive edge of the gambling industry of Singapore. Geographically emphasizing, Singapore is a country originated by the amalgamation of 63 islands in total and is termed to be the smallest country situated in the south eastern hemisphere of Asia. According to the economists’ view, Singapore is a developing economy, mixed by its nature, with a minimum interference from the part of the Government in its trading market. Mentionable, the economy ranked to be second among the economies possessing the best potential for international investment with the outlook to be most welcoming and liberal for the international trading business. Undoubtedly, despite the fact that the economy is geographically small, it is economically powerful as any other developing economy to attract the international trade (Economy Watch, 2010). The economy, in a wider perspective rather than international investments, is depended on the agricultural