Singapore

The dramatic slump in Asia’s VIP revenue over the past two years has forced operators to trim costs and diversify income sources to plug the gap. While much of the focus has been on boosting non-gaming and tapping into the mass market, companies have also been looking at ways of unlocking shareholder value through monetizing extensive fixed assets. 

 

The dramatic slump in Asia’s VIP revenue over the past two years has forced operators to trim costs and diversify income sources to plug the gap. While much of the focus has been on boosting non-gaming and tapping into the mass market, companies have also been looking at ways of unlocking shareholder value through monetizing extensive fixed assets. From real estate spinoffs, to timeshares and outright sales, many options are being considered. 

 



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Allowing Singapore’s two operators to offer online betting provides a regulated and safer platform for gamblers, said Tan Chuan-Jin, the Minister for Social and Family Development.

Singapore’s National Council of Churches has criticized the government’s decision to ease an online gambling ban, saying it is sending “confusing and conflicting signals.”

The government last week said that incumbent operators, Singapore Pools and the Singapore Turf Club would be allowed to offer online gambling services to locals, though with strict provisions.

The announcement came about 18 months after the government imposed a draconian ban on all online gambling activities in Singapore.

A former dealer with Marina Bay Sands in Singapore was jailed for eight months and 12 weeks for fraud, which involved misappropriating casino chips from the gaming tables.

Singapore locals will soon have a legal means to bet online, after Singapore Pools and the Singapore Turf Club were given the go ahead to run online betting platforms.

Singapore’s Workers Party has expressed concern over the applications from Singapore Pools and Singapore Turf Club (STC) to launch online betting services.

The head of Singapore’s Casino Regulatory Authority is calling for closer sharing of information between global regulators to help combat money laundering and transnational crime.

UBS analysts are lowering their Singapore GGR estimate by -16 to 17 percent, mainly due to weaker VIP trends.

Singapore punters may be able to legally place bets online as early as October.

BMM Testlabs’ Moosad Sreedharan presented at the recent Casino Regulatory Authority's Singapore Symposium on Casino Regulation and Crime.

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