Florida contemplates next chapter of economic growth, looks to Singapore’s flourishing Destination Resort model
Resorts World Miami announced plans to invest more than $3 billion in the development of a world-class Destination Resort in downtown Miami this past May. Since then, Florida has taken great interest in the Destination Resort concept and the potential impact the mixed-use project – and its casino amenity – will have on the state’s future.
Reporter Christina Vazquez of ABC affiliate WPLG recently visited Singapore to experience first hand one of the world’s most successful Destination Resorts: Resorts World Sentosa. While there, Christina learned that a similar debate unfolded in Singapore before the government permitted two Destination Resorts to be built side-by-side.
Since the debut of Resorts World Sentosa and Marina Bay Sands, Singapore has enhanced its position as a global tourist destination and bolstered its economy, realizing 60,000 new jobs that have resulted in a 2% unemployment rate and experiencing an 80% spike in tourism revenues, a 41% increase in visitor arrivals, and a 3% rise in GDP.
With Singapore reflecting South Florida in many ways – an international commercial hub, a diverse and similarly-sized population, a tropical climate, etc. – projections indicate that Destination Resorts will have a similar impact here.
As one of three possible Destination Resorts in Florida, Resorts World Miami will serve as a catalyst for the state’s existing tourism sector, business base and larger economy, helping to produce 100,000 new jobs, spur billions of dollars in new investment, and draw millions of additional visitors each year. By showcasing the best that Miami has to offer to the world, Resorts World Miami will contribute to the city’s continued transformation into a global destination.
These reports, which aired on WPLG earlier this month, will give you a sense of the unique model that Resorts World Miami is bringing to market. Click the below images to view the series.