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.
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.
Marina Bay Sands has hired a top law firm in Singapore to look into potential employee transfers of more than $1 billion in clients’ funds to third parties, Bloomberg reports.
The creation of a travel bubble between Malaysia and Singapore is seen as a significant catalyst for the island’s two IRs, although severe capacity restrictions will create headwinds, according to Bernstein analysts.
Las Vegas Sands reported its financial results for the quarter ending June 30 and, as expected, they were grim, including a net loss of US$549 million at Sands China. Sands China revenues for the quarter came in at only US$40 million, which was a 98.1 percent drop from the same quarter in 2019. Marina Bay […]
Marina Bay Sands has agreed to settle a lawsuit from a Chinese gambler demanding S$9.1 million ($6.5 million), the South China Morning Post reports, citing a person familiar with the matter.
Singapore integrated resort Marina Bay Sands is set to reopen its hotel to the public from July 17, as part of its phased ramp-up of operations. In a press release, MBS said it would initially reopen Tower 1 rooms for bookings, which will include access to the Infinity Pool, spa, fitness club, restaurants, and Sampan […]
Bernstein Research issued a note on Monday anticipating a slow recovery for Singapore’s casinos once they reopen on July 1, with GGR unlikely to return to 2019 levels until 2023. “While Singapore has a larger locals market than Macau,” the note states, “Singapore would likely take longer to ramp up as it is more dependent […]