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Singapore's integrated resort revival a model for Asia, but Korea lags far behind

Published: 05 Nov. 2025, 19:14 Updated: 05 Nov. 2025, 19:56

Anglers walk along a breakwater as the Marina Bay Sands and city skyline is seen from Marina East in Singapore on Oct. 14. [AFP/YONHAP]

SINGAPORE — Singapore is reaping the rewards of its bold bet on integrated resorts, transforming into a global hub for business, tourism and investment, while Korea remains stalled by regulatory gridlock despite strategic advantages.

The Marina Bay Sands Singapore on Oct. 31 was buzzing with activity. The 120,000-square meter (1.3 million square feet) facility hosted businesspeople from around the world.

At the venue, Sumrita Bhat, CEO of Canadian biotech company Conlis Global, said she visits two or three times a year to expand her business.

She said she views Singapore as a place where anything is possible, describing the city as a “global platform” that enables businesses to find new buyers and connect production with research.

A short ride away, at Tanjong Pagar in Singapore’s financial district, the skyline was filled with ongoing construction. Skeletal structures stood among completed skyscrapers on Nov. 1.

“Singapore is now in a second construction boom,” said Lee Kwan-ok, professor of real estate development at the National University of Singapore's business school. “Large-scale investment grew alongside expansions of Marina Bay Sands and Changi Airport. The government supported this through relaxed floor-area-ratio restrictions.”

The MICE (meetings, incentives, conferences and exhibitions) industry has become a pillar of Singapore’s domestic economy. Last year, the Marina Bay Sands Singapore alone hosted 2,200 events and welcomed 1.2 million attendees.

Fireworks illuminate the city skyline near the Sky Park observation deck of the Marina Bay Sands hotels during celebrations marking the country's 60th National Day in Singapore on Aug. 9. [AFP/YONHAP]

The single facility contributed 2.19 billion Singapore $ ($16.9 million) to the domestic economy through employment, procurement and local spending.

This growth was made possible by the country’s 2005 Integrated Resort (IR) Act. At the time, the SARS outbreak had pushed the Singaporean economy toward crisis, prompting the government to adopt sweeping deregulation.

The IR Act lifted restrictions across investment, employment, urban development and even legalized domestic casino use within designated resort areas.

Singapore’s bold pivot paid off. The country’s economic growth rate, which had dropped to 1.9 percent in 2008 and 0.1 percent in 2009 due to the global financial crisis, rebounded to 14.5 percent in 2010 after the opening of Marina Bay Sands Singapore and Resorts World Sentosa.

With Hong Kong’s international profile was weakened by U.S.–China tensions, Singapore has emerged as a major East Asian hub, boosted further by its IR policy.

Singapore’s construction sector grew by 6 percent in the second quarter of this year, while the real estate sector expanded by 5.2 percent, helping to lift the economy, according to the Ministry of Trade and Industry (MTI) Singapore.

The Singapore skyline is pictured on Oct. 5. [AP/YONHAP]

The success of Singapore’s model is now spreading across Asia. Japan enacted its own Integrated Resort Act in 2016 and plans to open a resort on Yumeshima, an artificial island in Western Osaka, by 2030. Groundbreaking began in April.

Similarly, the United Arab Emirates is developing an integrated resort in Ras Al Khaimah, scheduled for completion in 2027.

Thailand in January approved the Entertainment Complex Act, aiming to open four resorts in Chiang Mai, Phuket and other cities by 2029. The Philippines has also joined the regional competition.

Korea, however, remains on the sidelines. Despite favorable conditions — a sizable domestic and tourist population, major international airports in Incheon, Busan and Jeju, and popularity in K-pop, K-beauty and K-food — the country has yet to move forward in the integrated resort race.

Regulatory overlap across government ministries and differing interests between the central government, local authorities and the National Assembly have stalled progress.

Midan City in Incheon’s Yeongjong International City was once proposed as a resort site but has remained in limbo due to these hurdles.

Still, Korea’s potential is evident. In 2017, Paradise City opened on Yeongjong Island in Incheon, combining a foreigner-only casino, hotel, theme park, performance venue and exhibition space. It has since created 130,000 jobs, based on cumulative data.

“Competition among major East Asian cities is already fierce,” said Seo Won-seok, president of Tourism Sciences Society of Korea. “Singapore has already built its integrated resort industry into a national sector, and Osaka has begun construction based on its IR law. If Korea doesn’t want to fall behind, it needs to follow Singapore’s lead — pass IR legislation, launch pilot projects and accelerate the development of the resort industry.”

Experts also emphasize the need for strategic differentiation.

“To succeed with integrated resorts, each city must highlight what makes it unique and develop a distinct branding strategy,” Lee said.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY CHO HYUN-SUK [[email protected]]