Singapore’s two casinos took in $5.85 billion in gaming revenues in 2012, representing growth of 8 percent. Marina Bay Sands, operated by Las Vegas Sands Corp. (NYSE: LVS) reported revenues of $2.94 billion, up from $2.36 billion a year earlier. Resorts World Sentosa, operated by Malaysia-based Genting (GENM:MK) posted $2.91 billion in revenues, up from $2.14 billion in 2011. The slightly disappointing numbers were attributed to a stagnant local market and slow growth in a limited pool of VIP players.
The Casino Regulatory Authority has fined Las Vegas Sands Corp’s Singapore casino S$475,000 ($384,500) for disciplinary breaches that occurred during the period September 2011 to June 2012. The disciplinary breaches include failing to retain certain casino surveillance footage for the period required as well as other inadequacies in the casino surveillance system, according to the CRA’s website.
Singapore is at the epicentre of a global match fixing scandal. A Europol five-country investigation has linked 380 suspicious matches involving players, referees and officials all over the world to a Singaporean crime syndicate. The city state authorities, known for their relentless enforcement of draconic regulations in Singapore, have given their full support to the international investigation. Europol believes the syndicate has rigged hundreds of games, including Champions League matches and World Cup qualifiers.
The Casino Regulatory Authority of Singapore issued a statement confirming the renewal of the casino license for Resorts World at Sentosa by Genting's Singapore arm. The renewal is for three years effective from February 6, and follows an assessment by the authority that the casino conforms with its rules.
As the Casino Regulatory Authority of Singapore fines the gaming concessionaires for breaching the most recently enacted responsible gambling policies - including for allowing patrons to spend more than 24 hours on the gaming premises - Marina Bay Sands is now deploying its own responsible gaming program. Developed in conjunction with the University of Nevada Las Vegas, the program has already trained a crew of 150 on how to interact with patrons who may need assistance with problem gambling issues, or display related signs of distress.
Under a revised and soon to be enacted Casino Act, the city state can fine gaming concessionaires Marina Bay Sands and Resorts World Sentosa for up to 10 percent of gross revenues for non compliance with stricter responsible gambling policies. Amendments to the legal frame work stress self exclusion by locals above all. Casino Regulatory Authority of Singapore has fined both operators for a total of USD $188,000 for breaching social safeguard requirements between 1 November 2011 and 30 April 2012.