Singapore

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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New Fantasy Sports App SportsHero officially launched this week, allowing sports fans to make predictions on upcoming games with virtual currency wagers.

Chinese visitors can now use Alipay at over 110 locations within Singapore’s Resorts World Sentosa, the operator said in a statement on Monday.

HK-listed Shun Tak Holdings, owned by Hong Kong gaming tycoon Stanley Ho, has bought a prime land site off Singapore’s Orchard Road shopping belt, its first acquisition in Singapore.

Despite falling earnings and increasing competition, Genting Singapore remains highly profitable, and a “cash cow”, said executive chairman Lim Kok Thay.

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