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Singapore's Gaming Industry is Booming

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

Good evening, I'm Saijal Patel and you're watching "Asia Market Daily".

Alibaba-dot-com's Hong Kong listed shares tanked today - after the firm's CEO and COO stood down, following an increase in fraudulent online transactions.

Alibaba.com says CEO David Wei and COO Elvis Lee were not personally involved, however resigned to accept responsibility for a "systemic breakdown".

An internal investigation by the e-commerce firm, found more than 2,300 sellers committed fraud, sometimes with the help of Alibaba sales staff.

Nomura's Regional Head of Internet Research, Jin Yoon says the executive resignations are "a little bit of an overreaction".

(SOT) Jin Yoon, Regional Head of Internet Research, Nomura:
"I'm a little bit surprised that given that it's only 1 percent that it's reached all the way to the CEO, COO level. But again when you have over a hundred thousand customers, you are going to have fraudulent activity. You're going to have cracks in the system."

Alibaba.com says the average amount buyers lost is less than $1,200 dollars.

And Jin believes the fraud won't do too much damage to the firm's reputation.

(SOT) Jin Yoon, Regional Head of Internet Research, Nomura:
"I think the user interaction of being the fact that 99 percent is good products, I think a lot of the consumers will be giving them a thumbs up because of that."

A change of pace now.

Singapore's Resorts World has reopened the Battlestar Galactica Ride at its Universal Studios Park.

The rollercoaster has been closed for almost a year, because of a component failure. But as I found out, that hasn't dented ticket sales.

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Adrenaline junkies don't have to wait any longer. That's because Universal Studio Singapore's flagship attraction - the worlds tallest pair of dueling roller coasters - has taken to the skies once again.

Saijal Patel, CNBC, Singapore:
The first time I went on this ride was at the soft launch last March, but just a week later, the ride was shut down when a design flaw was discovered during a routine safety check. Well the ride is back on track, and since I love a thrill, what the heck, I'm ready to give it another go!

Awesome.

Despite this ride being on hiatus until now, ticket sales have surpassed expectations. In 2010 two million folks passed through the park's gate. Some analysts say that's not bad and will only get better.

(SOT) Aaron Fischer, Head Of Consumer & Gaming Research, CSLA Asia Pacific Markets:
"In terms of numbers, we believe that this will enable the park to sell more than 12 thousand tickets up from 8,000 so 50 percent increase in the number of tickets"

And with new attractions like the Transformers ride and the Maritime Museum set to open soon, analysts believe the number of visitors per day will more than double by the end of this year.

The figures are big, but in fact the theme park only makes up 10 percent of Resorts Worlds overall revenue. The real cash cow is the casino. Including rival Marina Bay Sands, Singapore's gaming market should reach US$5 billion in 2011.

Las Vegas's entire gaming industry is $6 billion. Demand is so strong, last week MBS announced it's seeking more land from the Singapore government to expand its operations

(SOT) Aaron Fischer, Head Of Consumer & Gaming Research, CSLA Asia Pacific Markets:
"We're not surprised by that at all. We'd been saying for a while that there weren't enough hotel rooms at Resorts World or Marina Bay and it looks like the convention space has been very successful running at a very high occupancy already from Marina Bay Sands. Although we don't think that it will be likely that he receives more land anytime soon. I think that the government has been pretty generous in terms of allocating so much land to both properties."

More land or not, Resorts World Sentosa's mix of rides & high-rollers and Marina Bay Sands' convention success, show both IRs are playing their cards right.

Scary, but a lot of fun.

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Well, that wraps up the latest "Asia Market Daily".

I'm Saijal Patel from CNBC.

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