Unfortunately, US regulators are too cozy with the Gambling Industry and too ingratiated to the wildly profitable Gambling Industry, as we witnessed in Massachusetts.
Singapore, it would appear, is NOT!
Singapore has taken steps to protect their residents from a Predatory Industry and GAMBLING ADDICTION to avoid the costs.
Genting Singapore : Singapore Regulator Fines Casinos S$385,000 For Entry Breaches
02/06/2012 | 10:38pm US/EasternSingapore's Casino Regulatory Authority has fined the city-state's two licensed operators a total of S$385,000 for failing to prevent unauthorized persons entering gaming areas.
The regulator fined Las Vegas Sands Corp.(LVS)-run Marina Bay Sands S$255,000, it said in a statement issued Monday, explaining that breaches took place between Oct. 28, 2010 and April 30, 2011. It fined Genting Singapore Ltd. (G13.SG)-run Resorts World Sentosa S$130,000 for breaches between Aug. 15, 2010 and April 30, 2011.
Both cases involve the admission of minors, excluded persons and allowing Singapore citizens and permanent residents to enter the casino without paying entry levies or on expired levy payments. The government requires citizens and permanent residents to pay S$100 to enter the casinos for a continuous period of 24 hours.
The CRA said Resorts World Sentosa was also separately censured for five similar incidents.
"These social safeguards are put in place to mitigate the casino's potential impact on vulnerable persons and to ringfence the casinos from potential criminal influence," CRA Chief Executive Lau Peet Meng said.
"Hence, we are taking tough disciplinary action against the casino operators for the cases where they have failed to show due care in complying with our requirements to prevent minors and excluded persons from entering the casinos, and to ensure that entry levies are duly paid."
-By Sam Holmes, Dow Jones Newswires; +65-6415-4157; samuel.holmes@dowjones.com
http://www.4-traders.com/GENTING-SINGAPORE-6496985/news/Genting-Singapore-Singapore-Regulator-Fines-Casinos-S$385-000-For-Entry-Breaches-14007337/
Casino Regulator Fines Genting Singapore Resort
By CHUN HAN WONG And GAURAV RAGHUVANSHI
SINGAPORE—Singapore's casino regulator has fined the casino resort run by Genting Singapore PLC for violations of the city-state's rules governing gaming resorts.
Resorts World Sentosa, the first of two casino resorts that opened in Singapore last year, is the first gaming resort to face a fine in the city-state, although the penalty isn't likely to hurt its operations or profitability.
Genting Singapore has been fined a total of S$530,000, or about US$425,000, for four breaches of the island nation's Casino Control Act and related regulations, the Casino Regulatory Authority said in a written statement on its website Wednesday.
The violations include the reimbursement of entry fees levied on Singapore nationals and permanent residents, and failure to retain the footage of surveillance cameras for a specified period of time as required by law.
The casino had reimbursed the entry fees paid by media reporters who had been invited by the company to cover an event at the resort, the authority said.
"The Casino Control Act stipulates that casino operators are not allowed to reimburse the entry levy payable by Singapore citizens and permanent residents. The disciplinary action taken serves to remind casino operators to act responsibly to uphold the integrity of social safeguards put in place by the authorities," T. Raja Kumar, chief executive of the casino regulator, said in the statement.
The operator was also penalized for two counts of failing to retain footage of surveillance cameras, and one count of not putting in place a failure-notification system to provide details of specific failures in the surveillance system.
A spokesman for Resorts World Sentosa said in an emailed statement that the casino "had cooperated with CRA on its investigations and has since taken steps to prevent any recurrence. As a responsible gaming operator, RWS respects and seeks to comply fully with Singapore's gaming laws and regulations."
Singapore last year lifted its long-held ban on casino gambling with the opening of two licensed integrated resorts: Genting Singapore's Resorts World Sentosa and Las Vegas Sands Corp.'s LVS +5.52%Marina Bay Sands.
The regulator's action against Resorts World Sentosa comes after it recently launched investigations into alleged illegal junket activity at the two casinos in Singapore.
Analysts, however, say the latest move isn't likely to have much impact on Genting Singapore, and is in fact a good sign for the local gaming industry, reflecting a strong compliance framework.
"The actions by the Singapore government are consistent with that of regulators in other markets. We view these actions as positive as it indicates the CRA is monitoring the gaming industry very closely and protecting customers' interests," said Aaron Fischer, a gaming-industry analyst at CLSA.
"The impact on Genting Singapore's operations and share price is likely minimal. These fines are insignificant compared to the extremely high profit generated from the integrated resort."
Last week, the group reported earnings before interest, tax, depreciation and amortization of S$529.4 million for the three months ended March 31, more than tripling from S$155.8 million a year earlier.
Singapore's burgeoning gambling market is estimated at US$6 billion a year, and analysts predict that revenue there could rival the Las Vegas Strip's by next year.
Macau overtook the Strip in 2006 to become the world's biggest gambling market. The special administrative region of China posted gambling revenue of nearly US$10 billion during the first four months of this year, and is on pace to generate five times the Strip's gambling revenue for all of 2011.
http://online.wsj.com/article/SB10001424052748703421204576330973059730688.html
Genting’s stock downgraded to “hold” after Singapore gov’t proposes new casino laws
Kirby Garlitos
July 9, 2012
July 9, 2012
That didn’t take long, did it?Days after news broke out about Singapore’s plan to toughen its casino laws, Maybank Kim Eng, a group of companies that comprise securities and investment banking businesses, has downgraded Genting Singapore‘s shares from “buy” to “hold” while also cutting its target price from S$2.00 to S$1.40.
Late last week, Singapore announced that it was planning on allowing the Casino Regulatory Authority the power to impose more stringent fines that could reach as much as 10% of annual revenues generated by Genting Singapore and Las Vegas Sands on their respective casinos, Resorts World Sentosa and Marina Bay Sands.
The significant increase in fines stem from numerous incidents involving both casinos wherein they’ve admitted minors while also permitting locals and permanent residents to play in the casinos without paying the S$100 entry fee. Despite posting profitable numbers that few other establishments can compare to – both casinos generated gross revenues in 2011 of over S$2 billion – the new 10% penalty meted down by the CRA could potentially cost both Resorts World and Marina Bay Sands up to $200 million, a significant increase from the CRA’s current maximum penalty of “just” S$1 million.
According to the Strait Times, the changes were announced a certain S. Iswaran, a minister in the Prime Minister’s Office, who said the proposed revisions will “help ensure Singapore’s two multi-billion-dollar casino-resorts remain full-fledged tourist destinations, (and) not just casinos with frills”.
As a result of this new sanction, Maybank Kim Eng has already forecasted Genting to lose some traction in the market, and it didn’t take long for the shares to lower its value by 1.1% at S$1.39. The investment firm also predicted that with the proposed amendments being instituted, both casinos will experience a slow down in business, particularly in VIP volumes that has been providing ample revenue sustenance for the two casinos.
It’s certainly worth noting that S$1 million is significantly cheaper than S$200 million; no calculators needed there, either.
If this amended sanction comes to pass, which a lot of people expect it will, possibly even as soon as the end of the year, both Resorts World and Marina Bay Sands better be on their best and most stringent behavior in order to not only avoid losing 10% of their gross revenue pie, but keep their stock prices as clean as tidy as can be.
http://calvinayre.com/2012/07/09/casino/gentings-stock-downgraded-to-hold-after-singapore-govt-proposes-new-casino-laws/
Singapore casino law to allow fines up to 10 percent of revenue
07/06/2012 | 11:52pm US/EasternSingapore plans to toughen its casino laws and allow the regulator to impose a fine of up to 10 percent of annual revenues generated by operators Las Vegas Sands (>> Las Vegas Sands Corp.) and Genting Singapore (>> Genting Singapore), local media reported on Saturday.
Singapore plans to toughen its casino laws and allow the regulator to impose a fine of up to 10 percent of annual revenues generated by operators Las Vegas Sands (>> Las Vegas Sands Corp.) and Genting Singapore (>> Genting Singapore), local media reported on Saturday.
The maximum penalty that Casino Regulatory Authority can now impose is S$1 million ($785,000). But after amendments to the law are passed, the fines could potentially exceed $200 million.
The changes were announced by S Iswaran, a minister in the Prime Minister's Office, who said the proposed revisions will help ensure Singapore's two multi-billion-dollar casino-resorts "remain full-fledged tourist destinations, (and) not just casinos with frills," according to the Straits Times.
Today, another Singapore newspaper, said the new rules should be in place by the end of the year.
Singapore's two casinos must abide by various regulations, like keeping strict records and preventing money laundering.
Both have been fined for admitting minors and for permitting Singaporeans and permanent residents to enter without paying the S$ 100 dollar entry fee intended to keep in check gambling addictions. Foreigners pay no admission fee.
The casinos are among the world's most profitable and together generate gaming revenues comparable to the combined gaming revenues of casinos along the Las Vegas Strip.
Genting Singapore's Resorts World at Sentosa reported S$2.69 billion in gross gaming revenue last year, while Las Vegas Sand's Marina Bay Sands managed $2.36 billion.
Singapore's casino regulator could not be reached for comment.
http://www.4-traders.com/GENTING-BERHAD-6491224/news/Singapore-casino-law-to-allow-fines-up-to-10-percent-of-revenue-14403815/
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