Singapore raked in $2.7 billion ($1.99 billion) in betting taxes in the 2017/2018 financial year, unchanged from the year earlier.
This includes taxes from betting duty, the two casinos and private lotteries.
Overall tax revenue gained 6.8 percent in the year to $50.2 billion, according to the Inland Revenue Authority of Singapore (IRAS).
Singapore has two IRs – Marina Bay Sands and Resorts World Sentosa – and also offers sports betting and wagering through Singapore Pools.
Marina Bay Sands has introduced a state-of-the-art hybrid broadcast studio, complete with holograms and virtual reality, as it seeks to salvage its MICE business.
From India to Australia, casinos across the Asia Pacific region have closed their doors in response to efforts to combat the spread of the coronavirus, with little to no visibility at present as to the evolution of the situation.
Singapore's Marina Bay Sands has been visited twice in the past two weeks by known Covid-19 cases during their infectious period, according to the Ministry of Health.
Marina Bay Sands has rolled out Mixed Reality (MR) capabilities at its state-of-the-art Hybrid Broadcast Studio at Sands Expo and Convention Centre. Launched at Singapore’s first hybrid trade show, TravelRevive, the MR technology is set to enlarge the studio’s hybrid tech toolbox, empowering event planners to transform their events.
Singapore’s two integrated resorts surprised analysts with the strength of their most recent results, despite higher entry fees for locals and a lack of international travel.
A travel bubble between Hong Kong and Singapore will come into effect from Nov. 22 allowing quarantine-free movement between the cities. Visitors will be required to have a negative Covid-19 test prior to departure.
Fewer local Singaporeans are visiting the island nation's two casinos since entry levies were increased by 50 percent in April 2019, according to the Casino Regulatory Authority. Only 2.7 percent of the local population visited the casinos in 2019, compared with 4 percent the year before.
Faced with the ongoing onslaught of negative news from around the world, you may have missed a few things this week that when put together point to a more optimistic view of Asia’s gambling industry.
A travel bubble between Hong Kong and Singapore is expected to come into force in November, renewing travel links between the two cities, Hong Kong CEO Carrie Lam says.
Las Vegas Sands’ latest earnings report provided a welcome respite from negative news, beating expectations and with a positive outlook, but perhaps the real surprise was the outperformance coming from Singapore.