"I think we made a mistake in not building a Formula One course," Lee, Singapore's prime minister for three decades until he stepped down in 1990, was quoted as saying.

"I think I was dim witted then," he said.

Lee said he could not understand the allure of Formula One grand prix events but saw that hosting these races brought along economic spin-offs to the host countries.

"Driving around and it goes into the pits and they change the tyres and they rev out... makes no sense to me," Lee, 81, said.

"But I learnt a lesson and I'm telling my younger chaps, look, pay attention to all this, this is what will make Singapore buzz," he said.

Lee's remarks were made late Friday night at a business forum where he said the city-state would be left behind by its neighbours if it does not have a casino.

The government is due to announce Monday whether it will approve the casino project which would be part of an intergrated resort.

The proposed casino project has triggered a rare public outcry in the city-state where voices of dissent against the government are rarely heard.

Lee said he was "emotionally and intellectually" against gambling but that Singapore also needed to be competitive in attracting international travellers.

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