Singapore Bets On Stocks While Casinos Remain Closed
The reopening will allow small gatherings, as well as dine-ins for drinks and food. The government also allowed retail outlets to resume operations.
However, casinos and other establishments that attract a massive number of guests should remain closed.
The Singaporean government imposed stricter regulations for casinos. The new restrictions are an initiative of the government to counter money laundering and financial terrorism. The move came after the US Department of Justice probed Las Vegas Sands Corp.’s Singapore casino for possible money laundering practices.
Gamblers found an alternative
Casino shut down, and the strict government regulations urged gamblers to look for an alternative. Many Singaporeans shifted their bets to buy and sell stocks online. There was a massive increase in the number of people participating in the Singaporean stock market since the lockdowns started in mid-March.
People shifted their attention to real estate properties. Ismail Gafoor, PropNex Realty CEO, said people are now adapting to the digital modes of property marketing. The market figure said buyers purchased an average of S$1,360 per square foot of properties in the Treasure at Tampines, the most famous condo development in the eastern suburbs. The purchases increased by 2 percent since its first launch in March.
Purchases in other properties also increased. Florence Residences saw an increase of 6 percent the median price per square foot in the total 54 units they sold last month. Experts observed a rise in property stocks in the market during the pandemic.
Casinos to remain shut down beyond June 1
Singapore’s Casino Regulatory Authority revealed that the two casinos in the city would remain in shutdown after June 1. The government announced that it would reopen its economy in three phases, and the casinos will resume on the third.
Singapore has two licensed casinos, the Resorts World Sentosa, operated by Resorts World at Sentosa Pte Ltd, and the Marina Bay Sands, run by Marina Bay Sands Pte Ltd. The regulating body said the casinos are no included in the list of establishments to resume operations from June 2.
CRA said they would monitor the updates and development of the fight against coronavirus to assess the timelines for the reopening of other establishments, including the casinos.
The government has mandated that social, economic, and entertainment activities require social gatherings, to remain closed. The government said they are opening the economy at a phased approach to ensure that people are going back to normal activities safely.
The casinos in the country are now using their time to renovate and develop reopening plans following the safety and health protocols mandated by the government. The casinos are expected to follow social distancing protocols during the reopening. They are expected to lay down their plans to the regulating body and assume stricter guidelines in their financial transactions.
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