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Singapore visitor arrivals set to exceed forecasts in 2016
Tourist arrivals in 2016 are likely to exceed forecasts from the Singapore Tourism Board (STB).
According to global financial services company Credit Suisse, the number of tourists visiting the city state this year is to go up 8% compared to 2015 to 16.5 million visitors.
According to a report from Bloomberg, the increase can be attributed to the popularity of Singapore's two integrated resorts – Marina Bay Sands and Resorts World Sentosa – with official figures showing that income from tourism has grown 25% since their opening in 2010.
With visitor numbers from China doubling in that period, Singapore is also a popular destination for the business-traveler market, with a strong MICE industry.
According to the STB, these visitors are spending double that of leisure tourists.
The gambling and entertainment market however remains to be the biggest contributor to Singapore’s tourism income, which accounted for 24% of all tourism spending in the first nine months of 2015.
According to Credit Suisse, although 2015 was a tough year for the gambling market in Singapore, stronger currencies in Malaysia and Indonesia may help to reverse visitor declines in those countries as well as a stronger push to attract Chinese tourists.
Gerald Wong, a Credit Suisse analyst quoted by Bloomberg, stated "2016 could be a record year of arrivals.
"We expect Singapore to continue to benefit from continued growth in Chinese outbound travel."
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