Risk, according to Wikipedia is the potential that a chosen action or activity (including the choice of inaction) will lead to a loss (an undesirable outcome). For my Project Work, I opted to choose the Singapore government’s decision in 2005 to build an Integrated Resorts which included 2 casinos as one example of risk-taking venture. I chose this topic because I believe the topic satisfies all the requirements of the task.
Specifically, in 18 April 2005, Prime Minister Lee Hsien Loong announced the cabinet’s decision to develop 2 casinos and associated hotels and malls in Marina South and Sentosa.This is to attract tourist hence boosting the Singapore’s tourism industry which has been facing intense competition from other destinations around the region especially from nearby Bangkok and Hong Kong. Singapore which depends greatly on its tourism industry as a primary source of income due to the lack of natural resources and its size, finally celebrated the opening of 2 casino-based vacation resorts namely Marina Bay Sands and Resorts World Sentosa in 2010.The action had brought several negative and positive effects to the country. First and foremost, the decision had caused intense criticisms and public debates. Citizens particularly the religious communities and social workers had openly expressed their disapproval to the casinos.
Concerns were raised about the social impact of gambling which had been long illegalised in Singapore since 19th century, citing worries that the casinos could encourage gambling among citizens and increase the risk of compulsive gambling.Besides, activists also argued that a casino could also lead to undesirable activities often associated with gambling, including money laundering, loan sharks or even organised crime. The effect was further aggravated when the opposition saw this situation as an opportunity to weaken the people’s trust towards the rulling government. However, the Integrated Resorts , amid the criticisms, proved to bring benefits to the country. They successfully brought the Singapore tourism industry to a new height.They are also expected to create about 35000 jobs directly or indirectly such as through vendors, suppliers and service providers.
This greatly reduces the unemployment rate in Singapore. During the construction period alone, 15000 workers were hired to build the Marina Bay Sands. Furthermore, it brings in new investments which eventually resulted in the overall economic growth of Singapore. From this risk-taking action, we learned that the government must keep doing whatever plan they thing is right and suitable for the country in the long-term regardless how controversial or infamous it is.
Here comes the importance of good leadership where leaders are able to make the best decision for a long-term instead of making decisions that are popular. In the United States of America, people are forcing the US government to abolish the ban on gay marriage. The support comes from people from different walks of life including popular celebrities. Hence the US government must be able to apply the lesson learned from the risk-taking decision made by the government of Singapore to guide them in making risky decision regarding gay marriage in the future.
