Singapore

 

A Malaysian man was fined S$3,000 ($2,390) for stealing two S$1,000 casino chips at the Marina Bay Sands casino. Mong Wai Cheong pleaded guilty to grabbing the chips after Singaporean gambler Loi Kheng Chin put them down as a bet on "small" at a sic bo table before moving to another table to bet more.

 

 

Lee Lim Kiong, a director of PSM Fasteners, was sentenced to 4 1/2 years imprisonment after pleading guilty to two charges  of criminal breach of trust as a servant. Lim is said to have embezzled nearly S$800,000 ($636,000) from his employer, using much of the money to gamble in Macau casinos. Police separately arrested a chief cashier from Standard Chartered Bank last week for allegedly embezzling S$500,000. She was arrested carrying S$4,905 in gaming chips.

 

 

Police arrested 13 Thais and one Laotian for alleged baccarat cheating at the Marina Bay Sands casino. The group alleged won S$1.2 million ($964,000) through collusion while playing in the early hours of May 7.

 

Marina Bay Sands reported a 21.6 percent drop in operating income for the first quarter from a year earlier as its VIP hold rate dropped steeply. Total revenue for the Las Vegas Sands Corp. property fell 6.3 percent to $794.9 million, as casino revenues dropped 8.7 percent to $640.2 million and operating income hit $292.7 million. The hold rate on VIP gambling fell to 2.51 percent from 3.58 percent though VIP volumes rose 42.2 percent to a record $18.2 billion. Mass market volumes rose a subdued 2.4 percent and slots 1.6 percent.

Genting Singapore PLC reported a 31 percent drop in net profit in the first quarter from a year earlier, which the company blamed a fall in its VIP hold rate at Resorts World Sentosa. Total revenue declined 15 percent to S$669.6 million ($542.4 million) as gaming revenue fell 20 percent to S$521.2 million. Net profit stood at S$145.4 million.  The VIP hold was 2.1 percent, compared to a usual 2.85 percent-3 percent rate, though VIP betting volumes reached a record. The new Marine Life Park helped boost non-gaming results.

Resorts World Sentosa and Marina Bay Sands have sued at least three Chinese high rollers to recover millions in unpaid gambling debts but have gotten nothing back, according to an investigation by Reuters. Genting's Resorts World sued Kuok Sio Kun of Macau to recover $1.8 million in credit extended in 2010 but after six months has yet to even successfully serve court papers to her.

 

 

Police arrested nine people and seized 20 computers in a raid on an alleged gambling den in a state-owned commercial building. One was chargd with operating a common gaming house while the others, aged between 33 and 71, were charged with gaming in a common gaming house.

 

 

Las Vegas Sands Corp. has hired Yee Siew Lee from Wynn Resorts Ltd. to be senior vice president of international marketing, Dow Jones Newswires reported, citing unnamed sources. Yee, who was also senior vice president at Wynn, will be based in Singapore and focus on high rollers.

 

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