Singapore government has always been in favour of the tourism sector. In fact, Singapore Tourism Board (STB) launched a $90million BOOST (building on opportunities to strengthen tourism) for the tourism sector). The initiative help pushed the industry through tough times by assisting MICE (Meetings, Incentives, Conventions, Exhibition) companies to alleviate their business costs (Singapore Tourism Board, 2009). Not too long ago, the Singapore government cooperated with Indonesia to develop cruise ship tourism as Singapore is enjoying a cruise tourism boom (The Jakarta Post, 2011). This collaboration boosts economic bilateral ties and tourism. Previously, the Singapore government also backed entrepreneur Ong Beng Seng’s bid to hold the F1 grand prix in Singapore. In fact, the government announced that they would fund up to 60% of the estimated $150million cost through Singapore Tourism Board (The Straits Times, 2007). With such encouragement from the government, Shangri-La has not much to fear, especially in a politically stable country such as Singapore. In such a well-governed country, there has never been demonstrations of displeasure or anything interruption of businesses. With peace and prosperity, not only Shangri-La, but the industry will enjoy the fruits of the growth in tourism supported by the government. Economical
As the number of visitors to Singapore increased by 20.2% in year 2010, revenue of the hotel room lettings saw an increase in 21.8% as well (Singapore Tourism Board, 2010).
According to the Business Expectancy Survey, 39% of hoteliers expect growth in business by end March 2011. In fact, the employment rate for the industry is expected to increase by 19% (Sing Stats, 2010). With such evident growth in the tourism industry, the hotel industry will inevitably experience progressive growth in years to come. Furthermore, The Business Times (2010) stated that “Singapore’s hotel industry is among the two best performers in Asia...
Please join StudyMode to read the full document