Integrated Resorts projected to add $2.7bn each to the economy

It is also expected that IRs will create 50,000 to 60,000 economy-wide jobs.

According to Senior Minister of State for Trade & Industry, Mr S Iswaran's speech during the committee of supply debate, IRs will boost the Singapore economy in the coming years.

However, it must also be expected that the novelty will diminish even as the IRs continue to roll out new attractions. Also, the increasing competition for the tourism dollar should be anticipated.

It is too early to draw definitive conclusions about their long term economic impact or, indeed, to form a view as to whether we should have more IRs in the future.

Taking a longer term perspective of Singapore's tourism industry, the government must acknowledge the constraints on Singapore's resources, especially land and labour.

"We cannot keep increasing indefinitely the number of visitor arrivals, which Dr Lam described as massive, or the number of workers in our tourism industry", said Mr S Iswaran.

"We need to place greater emphasis on increasing the value-add derived from each visitor and raising productivity."