Singapore

Maybank Kim Eng says it’s maintaining its sell rating on Genting Singapore with a price target of $1.31 after weakness in rival Marina Bay Sands’ Q4 results. The firm says that assuming Resorts World Sentosa commands a 47% to 48% share of VIP volume, Genting Singapore is likely to report Q4 VIP volumes fell 17 percent to S$16 billion. 

 

Marina Bay Sands saw its fourth-quarter revenue drop 8 percent to $659.8 million, with adjusted property EBITDA falling 14.4 percent to $258.8 million. Rolling Chip volume decreased 16.6% to $13.73 billion for the quarter, while the rolling chip win percentage of 1.92% in the fourth quarter of 2013 was below the expected range, and below the 2.14% achieved in the fourth quarter of 2012, according to figures reported by parent company Las Vegas Sands. 

 

GuocoLeisure said after-tax profit in the second quarter ending December 31st rose 12.4 percent to $12.1 million, although over the first half profit declined 15 percent due to “volatility” in the gaming business. Overall revenue was up 7.3 percent in the quarter and up 5.2 percent over the first half, compared with the comparable year-ago periods.

Singapore’s Inland Revenue Authority says companies registered in the island state that buy and sell bitcoins, or exchange them for other goods and services, must pay taxes. Companies that buy or sell bitcoins will have to declare taxes based on gains from the sale of the currency. Long-term investments will count as capital gains, which aren’t taxable in Singapore.

Five people have been jailed for cheating Marina Bay Sands of more than S$20,000 in a baccarat game, local media said. The five, aged between 40 and 51, had either been friends for a long time or were relatives. Yeo Eng Seng, who was a dealer at MBS in late 2012, hatched a plan to cheat after finding out from another ex-dealer that he could memorize the card sequences and relay them to the other players.

Singapore Pools is looking to launch the first licensed gambling website to be based in Singapore, local media reports. The lottery operator is exploring ways to offer an online betting option to registered members and may consider upgrading the existing members portal to allow those who sign up with its phone betting system to place bets online. Adults who want to register as members and set up accounts must meet criteria such as passing identity and credit history checks.

 

Merlin Entertainments is teaming up with Sentosa Development to open the first Madame Tussauds in the island state. The attraction will open at Imbiah Lookout on Sentosa in 2014. Merlin, which also owns Legoland and The EDF Energy London Eye, will also take on management of Images of Singapore.  

Berjaya Sports Toto Bhd said it’s canceling its plans to list its Sports Toto Malaysia Sdn Bhd unit as a business trust on the Singapore Stock Exchange because of difficult market conditions. The company said the expectation that interest rates are set to rise and the poor performance of real estate investment trusts and other business trusts had led to the decision. The company had received all the necessary approvals for the listing.

The Casino Regulatory Authority of Singapore has appointed Mr Jerry See as its new chief executive, with effect from January 6th next year. See takes over from Mr Lau Peet Meng. Mr See is currently chief executive of the Home Team Academy in the Ministry of Home Affairs.

Singapore Minister Mr S Iswaran said the island state intends to ban online gambling, unless there are specific exemptions. Speaking to a symposium on casino regulation and crime, 

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