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Singapore Makes Bets on the Gaming Industry

by on February 22, 2010

Singapore recently opened the first of two new casinos as part of the island’s effort to increase its revenue from tourism.  The island does not have the natural and manufacturing resources of nations like China and is therefore always looking for new ways to generate revenue and avoid over-reliance on any one sector.

This may present opportunities for attorneys with gaming and tourism experience, as well as for those seeking a practice change.  Singapore, along with China, is making big bets on its ability to provide an alternative to Las Vegas and there is no indication that this will change any time soon.  Of course, we don’t recommend that anyone with a solid background in banking or finance related law do an about face.  However, this push for more casinos and tourist dollars could be a boon for younger lawyers seeking to start their practice as there will likely be an increase in recruitment of legal talent in the gaming and tourism industries in Asia.

That said, recruiting for lawyers with relevant backgrounds will still be slow to pick up, as even the Asian markets are still recovering.  Not only that, but the major casinos in destinations like Macau are finding that even in countries with strong economies like China, the gambling and tourism dollars are not rolling in at the rate they expected just a few years ago.  This is evidenced by the numerous “White Elephants” in Macau, which is a massive gaming market when compared to Singapore.  Therefore, we expect Singapore firms to tread carefully before recruiting too many lawyers to fill the incipient need, but if you’re looking for a change of direction or are just starting out, stepping outside of your traditional job search comfort zone might be a good bet.

Full story from the AFP here.

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