With the Two Integrated Resorts (IRs) in Singapore Due for Completion in the Next Few Years, How Should the IRs Align Their Strategies to Attract the Increasingly Affluent and Outbound Tourists and Businessmen from China?
Kwek Ping Yong
University of Pennsylvania - The Wharton School
International Conference on Gaming Industry and Public Welfare
The rising affluence of Chinese tourists and the concomitant rise in the budget airline industry has made the cost of air travel more affordable and convenient. This has resulted in a booming and highly competitive tourism industry as countries embark on mega projects to attract the tourist dollar. Singapore is no exception as it embarks on the development of two Integrated Resorts (IRs) with gaming components which is due for completion in the next few years. Regional developments such as the liberalization of the gaming industry in Macau in 2002 and coupled with the relaxation of Chinese visitors to come to Macau are some examples of how the competition is heating up.
Regardless of the size and scale of the IRs, the key consideration for their success will be their abilities to attract new customers and how to retain them in the face of increasing competition from neighbouring and regional developments. Hence, it is important for the IRs in Singapore to have a comprehensive strategy on how to attract the increasingly affluent and outbound tourists and businessmen from China. In addition, the positioning of the IRs and its unique comparative advantages must be easily distinguishable and identifiable from its competition.
This paper will address the important question of how to attract and retain customers, specifically the Chinese tourist and businessmen, and the strategies required to achieve Singapore's goal of transforming itself into a world-class destination that appeals to tourists and businessmen regionally and internationally. This paper will also highlight the positioning strategies that Singapore IRs can utilize in order to attract more Chinese to visit Singapore.
Number of Pages in PDF File: 19
Keywords: Singapore, IR, Gaming, Casino, Tourism, strategy, China, Marketing
JEL Classification: M31
Date posted: November 30, 2006