Singapore

Union Gaming analysts have lowered their 16Q2 estimates for Genting Singapore after reviewing 16Q2 gaming trends via Las Vegas Sands’ Marina Bay Sands results.

Fitch Ratings has affirmed Genting Berhad’s Long-Term Foreign-Currency Issuer Default Rating (IDR) and unsecured rating at ‘A-’, according to a press release.

The Asian Cruise Association (ACA) estimates the market will triple in size by the end of the decade and countries around Asia are changing their rules to capture a greater share of the traffic.

The Asian Cruise Association (ACA) estimates the market will triple in size by the end of the decade, catering to around 3.8 million passengers, with 1.6 million coming from China alone and with on-board casinos a key part of the draw. Asia's increasingly wealthy middle class eye cruises, with the region's ports changing regulations to lure in the ships.



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The newly opened restaurant at Genting's Resorts World Singapore is just one example of the casino operator’s efforts to attract the mass market.

Bernstein has downgraded Genting Singapore from Outperform to Market Perform as a result of a significant amount of cash held in the company’s balance sheet, according to a note on Monday.

Genting Singapore’s Resorts World Sentosa is cutting close to 400 casino employees as the company continues to face headwinds from falling revenue, local media reports.

Genting Singapore has announced it has dissolved Palomino Sun (UK) Limited, the company’s wholly-owned subsidiary which was engaged in gambling and betting activities.

Las Vegas Sands says it is looking to add another 1,000-1,200 rooms in a new tower at its Marina Bay Sands resort in Singapore, along with an entertainment arena.

Lottery operator Singapore Pools is still waiting on approval to run its first online betting website with less than two weeks to the start of Euro 2016.

The Financial Action Task Force has included casinos as money laundering risks since 2003, allowing more than 12 years for countries to implement effective controls in accordance with its recommendations.

The Financial Action Task Force has included casinos as money laundering risks since 2003, allowing more than 12 years for countries to implement effective controls in accordance with its recommendations. However, there have been mixed results across Asia.

 



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