Singapore

Asia’s casinos may face growing pressure from their banks as efforts to combat global money laundering increase, adding another level of scrutiny, compliance experts say.

 

Asia’s casinos may face growing pressure from their banks as efforts to combat global money laundering increase, adding another level of scrutiny, compliance experts say. Operators in the major gaming jurisdictions in the region are already facing increased regulation, with Macau introducing new rules in 2016 and the Philippines taking steps to bring the gaming industry under AML legislation for the first time.



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Casino operator Genting Singapore has dissolved two of its wholly-owned subsidiaries, Resorts World Marketing Pte. Ltd. and Medo Investment Pte. Ltd.

Casino operator Genting Singapore posted a 17-fold increase in first quarter net profit, partly due to the sale of its stake of a resort in Jeju, South Korea.

A Singapore court has convicted and jailed a third man involved in a scam last year to cheat the Marina Bay Sands of $19,700 ($14,000).

Regulators, operators and sports bodies need to improve international cooperation if they are effectively to tackle match fixing, which experts say is increasingly centred on Asia.

Singapore police have arrested 41 men and one woman for illegal gambling and gang-related activities after a five-hour raid.

Record high tourism arrivals are not feeding through to the bottom line of Singapore’s two casinos, with gross gambling revenue expected to be flat for 2017.

Genting Bhd, the Malaysian conglomerate that controls the country’s only casino operator, as well as Genting Singapore and properties in the U.S., Bahamas and the U.K., offers a good value entry point to Association of Southeast Asian Nation gaming markets, CLSA notes.

Genting Singapore swung to a net profit of S$159.98 million (US$113.2 million) for the fourth quarter ended Dec. 31, 2016, compared to a net loss of S$7.8 million in the prior year period.

Visitor arrivals and tourism spending in Singapore hit record highs in 2016 despite challenging economic conditions, according to figures released by the Singapore Tourism Board (STB) on Tuesday. While visitor arrivals grew 7.7 percent to 16.4 million in 2016, tourism receipts rose even higher, increasing 13.9 percent to SG$24.8 billion (US$17.5 billion) in 2016.

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