Singapore Regulator Fines Las Vegas Sands, Genting Singapore Casinos for Rule Breaches
By Chun Han Wong
SINGAPORE--Singapore's casino regulator has fined the city-state's two casinos for disciplinary breaches committed from May to October last year.
Marina Bay Sands, run by U.S. gaming group Las Vegas Sands Corp. (LVS), was fined 357,500 Singapore dollars(US$ 286,800) for several failures in enforcing the country's tough casino-entry restrictions, the Casino Regulatory Authority said late Wednesday in a statement.
Resorts World Sentosa, operated by Genting Singapore PLC (G13.SG) was asked to pay S$140,000 in fines for similar breaches, the regulator said.
Under Singapore law, casino operators must ensure that Singapore citizens and permanent residents seeking entry into their casinos pay entry levies of S$100 a day and S$2,000 a year, and check that these patrons don't exceed their allotted period of stay.
Operators must also ensure that all patrons are at least 21 years old and haven't been banned from entering casinos here under mandatory or voluntary programs.
Separately, the regulator censured RWS for three instances of allowing minors to enter or remain in its casino, and issued a warning to MBS for a breach of gaming-equipment rules in October.
http://www.nasdaq.com/article/singapore-regulator-fines-las-vegas-sands-genting-singapore-casinos-for-rule-breaches-20120822-00965
STOCKS NEWS SINGAPORE-Index rises, led by Genting Singapore
Singapore shares were higher, with Genting Singapore among the biggest gainers though the casino operator was recently fined S$140,000 by the city-state's casino regulator for breaching certain rules.
The Casino Regulatory Authority of Singapore fined Las Vegas Sands' Marina Bay Sands and Genting Singapore's Resorts World at Sentosa S$357,500 ($285,600) and S$140,000, respectively, for breaching "social safeguard requirements" from May to October last year.
These breaches include allowing Singapore citizens and permanent residents to enter the casinos without paying entry levy.
Genting Singapore shares rose as much as 3.7 percent to S$1.385 on Thursday, the highest since July 12, with more than 62 million shares traded, 1.2 times the average full-day volume over the past 30 days.
"Genting stock has been beaten down quite a bit, and on a cash flow basis, they are still very strong," said Carey Wong, an analyst at OCBC Investment Research. "Even though there will be some impact from the economic slowdown in China, it's not something that will stop people completely from gaming."
The Straits Times Index was up 0.6 percent at 3,066.22 points, while MSCI's broadest index of Asia-Pacific shares outside Japan was 0.8 percent higher.
At the end of the second-quarter corporate earnings season, Maybank Kim Eng had trimmed its market earnings per share growth forecast for this year to 3.5 percent from 5 percent. The broker said its 2012 target for the STI remained at 3,200 points, which implies an upside of 4.4 percent from current levels.
http://in.reuters.com/article/2012/08/23/markets-singapore-stocksnews-midday-idINL4E8JN11H20120823
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