Singapore

Casino operator Genting Singapore has announced it has dissolved and liquidated its subsidiary in Korea, Claremont Co. Ltd.

Singapore’s two gaming operators reported an improvement in Q2 results, helped by cost controls, lower bad debts and higher premium play, though analysts see few catalysts for significant expansion of the market.

 

Singapore’s two gaming operators reported an improvement in Q2 results, helped by cost controls, lower bad debts and higher premium play, though analysts see few catalysts for significant expansion of the market. In 2007, Singapore granted Las Vegas Sands and Genting Singapore a license for one resort each, with exclusivity until 2017. Those licenses were renewed in 2016 for a further three years, but the government is not expected to allow any new entrants, therefore keeping a lid on the size of the island-state’s gaming market. 

 



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Six suspects were arrested last week in Singapore for their alleged involvement in providing remote gambling services and taking part in remote gambling.

Genting Singapore saw its net profit surge to S$172.7 million (US$127.1 million) in the second quarter ended June 30, 2017, attributed to higher revenue and lower cost of sales.

Tourism spend in Singapore rose 15 percent year-on-year to S$6.4 billion (US$4.7 billion), while visitor arrivals grew 4 percent to 4.3 million in 17Q1, according to data released by the Singapore Tourism Board on Monday.

Property EBITDA for Genting Singapore in the second quarter of 2017 is forecast to reach S$270 million (US$198.7 million), according to estimates from Morgan Stanley.

The Ministry of Home Affairs has announced it will be imposing tighter regulations on clubs that feature jackpot machines over the next two years.

Betsoft Gaming have announced that they have signed a partnership deal with a new Asian-facing operator HBet63.

A dealer who was caught in February for misappropriating S$34,000 (US$24,600) worth of casino chips at Marina Bay Sands (MBS) has been sentenced to nine months’ jail on Tuesday.

The man behind Singapore’s biggest counterfeit casino chip scam has been sentenced to seven years and four months jail.

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