The economic benefits could far outweigh the costs if the government gives the casino the green light next week, says a consultant with more than 30 years in the hospitality and gaming industry.
In an interview with BT, consultant Ronald Tan said the integrated resort (IR) would take tourism here to a new level.
'There are people, who are high net-worth, who really enjoy the highest form of lifestyle - which means gaming, shows, entertainment, fine dining, the best form of shopping.
Because the casino is around, these are the kind of attractions that you can actually afford to bring into Singapore,' said Mr Tan.
For instance, Mr Tan said the casino could bring in famous international pop stars (like Britney Spears, Christina Aguilera, Dido or Avril Lavigne) to perform here but charge lower ticket prices, and over a longer period. The Cirque du Soleil could also be here on a permanent basis.
And if there's a theme park with a global name and draw, such as Universal Parks and Resorts, Mr Tan thinks it could easily translate into four or five million additional visitors here a year. Universal Osaka in Japan attracts 9 million visitors annually.
Mr Tan, who has advised gaming companies like Australia's Federal Pacific Group, Genting, Tabcorp, UK's Mecca Leisure Group and US gaming companies, said the casino is needed to underpin the other components of the resort.
Another advantage of the IR, he feels, is the high-net worth individuals it could draw, particularly the Arabs.
They were in Beirut, Lebanon, until its civil war in the 1970s. Uprooting themselves, they relocated to places like London and Monaco, taking their wealth with them. But Mr Tan said they could be attracted to Singapore if it offered the lifestyle they desired - and the IR could do it.
'This would be a big draw to the Arabs who are looking at some alternative to London and Monte Carlo,' Mr Tan predicted.
Mr Tan acknowledges that there would some social costs despite best efforts, so he stressed that good safeguards should be in place to address the social ills that could arise.
So he is all for curbs such as the $100 daily admission fee or $2,000 annual membership, and the rule of no credit extension to Singapore residents.
But at the same time, he is confident that the government will take the right steps to address the social problems.
'The Singapore government is not pressured to have the casino for the revenue or jobs . . . So we will be able to do it in such a manner that we can show the world, that we will be exemplary. We'll highlight the entertainment value, we'll highlight the curb on over-gambling, we'll highlight the preventive measures.'