Singapore's first casino opened February 14th

The us$ 4.7 billion Resorts World Sentosa, built by a unit of Malaysian Genting Group, is the first of two casinos to go into operation to transform the Southeast Asian city-state's reputation as a manufacturing and banking hub.

Genting Group chairman Lim Kok Thay took the first bet on a game of baccarat to launch a new market for Asian booming casino industry and lure high-rollers away from Macau, the region's gaming capital, as well as Malaysia and Australia. Lim told reporters the group was actively looking at possible expansion in the United States, where it could buy into existing casino resorts.

"Going forward, we are actively looking at the U.S. because the last financial crisis has brought some pain, but at the same time we see great opportunities there, in terms of buying into existing resorts that (are) down on their luck," he said, without identifying any targets.

Genting's Singapore resort also houses a Universal Studios theme park, hotels and convention facilities intended to serve conservative Singapore's aim of not only attracting gamblers, but also business executives and their families. Genting's Lim cut the ribbon at 11.18 a.m. and the casino welcomed its first bettors at 12.18 p.m. - both considered symbolically lucky hours for ethnic Chinese.

Visitors streaming in were greeted by a traditional lion dance. Five employees posed as Roman statues in the foyer - one carried a giant gambling chip, another a big replica of a deck of cards and a third a large red replica of a die.

Foreigners outnumbered local residents, who have to pay an admission fee equivalent to about us$ 70 as part of a government campaign to warn of the dangers of gambling addiction.

The facility on Sentosa, an island that was once a Malay graveyard and a British military base in the colonial period, formally ends longstanding opposition to gambling in a country often dubbed a "nanny state" for its squeaky clean image. Further restrictions include a bar on entry to anyone under 21, a ban on bank cash machines on the casino floor and a blacklist of gamblers with known addiction problems.

Singapore hopes casinos will generate spin-offs like luxury services and increased business for private bankers in a city which many say is fast becoming Asia's premier wealth management center.

A second casino, Las Vegas Sands' nearby us$ 5.5 billion Marina Bay Sands, is due to begin its phased opening in April, though many analysts doubt it can meet that target.

Singapore is already home to the highest density of millionaires in the world relative to population, and the casinos will add to the glamour generated by an annual Formula One night street race. The question, analysts say, is whether it will attract new gamblers in Southeast Asia, a region of 600 million people.

After three recessions over the past decade - the most recent was the deepest since independence in 1965 - the government is looking for more sustainable growth as its status as a tech manufacturing base is challenged by China. Each "integrated resort" is expected to contribute a value add of us$ 1.9 billion to Singapore's gross domestic product (GDP) in 2015, Singapore's tourism promotion agency estimates, roughly between 0.5 and 1 % of GDP.