Singapore

Tourism spending in Singapore fell for the first time in six years in 2015, down 6.8 percent to SG$22 billion (US$15.7 billion), according to the Singapore Tourism Board.

Genting Singapore has reported a net profit in the fourth quarter at S$22 million (US$15.7 million), down 82 percent from S$118.9 million in the same period in 2014, according to a recent financial statement.

At least 30 employees at Resorts World Sentosa (RWS) in Singapore have been let go over the Chinese New Year period, according to local media.

Genting Singapore stocks are expected to outperform due to a stabilizing Singapore gaming market, strong cash flow generation and a resumption of sizable share buy back, says a report from Bernstein.

Singapore’s gambling market is expected to be fat in 2016 and with no new catalysts to fuel growth the battle for market share between the two established casino operators is likely to continue.

Singapore-based e-sports company Titan, is near closing due to financial difficulties. The professional gaming organization, which was home to several top professional e-sports teams, including CS:GO and Smite, made the announcement on its website on Jan. 13.

Genting Singapore is likely to have a “somewhat better” 2016 after a disappointing 2015 when shares fell 29 percent, says Japan-based brokerage house, Nomura.

A Singaporean man was charged over the weekend for the possession and use of counterfeit casino chips, which were allegedly used at the Marina Bay Sands.

Governments from Singapore to New Zealand are concerned about their citizens betting offshore and are looking for ways to recapture, or replace, tax revenue and income for racing clubs and sporting bodies.

 

 

Governments from Singapore to New Zealand are concerned about their citizens betting offshore and are looking for ways to recapture, or replace, tax revenue and income for racing clubs and sporting bodies.

 



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The outlook for the gaming industries in Singapore and Malaysia remains stable despite challenging economic conditions, Fitch Ratings says in a report.

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