Resorts World Sentosa and Marina Bay Sands casinos praised for their regulatory compliance
Recently Singapore’s two popular casino resorts Resorts World Sentosa, operated by Genting Singapore Plc; and Marina Bay Sands, operated by Las Vegas Sands Corp. have been praised by Singapore’s Casino Regulatory Authority for taking measures to improve regulatory compliance.
The Casino Control Regulations (the “Regulations”) are made by the Casino Regulatory Authority of Singapore, with the approval of the Minister for Home Affairs, under the authority of the Casino Control Act (Cap. 33A). The regulations contain in greater detail the requirements that casino operators and other persons who have dealings with casinos (including employees, vendors and patrons) have to comply with. Regulations have the force of law and are published in the Government Gazette.
According to the chief executive Singapore Casino Regulatory Authority Jerry See these two casino operators took measures to improve, have shown responsiveness and commitment to comply with the regulatory requirements, and have taken remedial actions where there are gaps. Mr Jerry See praised these casinos in a message included in the regulator’s annual report for 2015/2016, released earlier this month.
In his message, Mr See noted that there had been a year-on-year decrease in financial penalties applied to Singapore’s two casino operators in the year ended March 31, 2016. “Operators have made improvements to their systems and training of casino employees in the conduct of table games,” he stated.
There was no mention in the regulator’s latest report regarding what enforcement action, if any, had been taken against Singapore’s casino operators in the 2016 financial year. In 2015, the two operators collectively amassed financial penalties of SGD417,500 (US$300,000), namely for what were termed by the Casino Regulatory Authority as breaches of social safeguards, and failure to conduct table games in accordance with the rules approved by the regulator.
Compared to the previous financial year, the number of social safeguard breaches in 2016 and corresponding amount of financial penalties had decreased as both casino operators had taken steps to strengthen their processes.
These included the implementation of more stringent checks to detect and prevent vulnerable groups from entering the casino premises, and to detect persons who have stayed beyond the validity periods of their entry levies.
According to the Paris-based Financial Action Task Force Singapore’s casinos were “well supervised” but more could be done in general by the city-state to combat the global threats of money laundering and the financing of terrorism.
Singapore imposes on its citizens and permanent residents a statutory casino entry levy of either SGD100 for 24-hour access, or SGD2,000 for a year’s entry; but is satisfied to give foreigners free access. Singapore forbids its two casino resorts from either reimbursing levy fees to players – or offering incentives or complimentary items to locals – in return for customers renewing their yearly permit.
Marina Bay Sands casino encompasses more than 15,000 square meters of gaming space spread over 4 levels and is famous for one of the world’s largest Swarovski crystal chandeliers, offering players over 600 table games, more than 1,500 slots and a wide array of dining options.
Resorts World Sentosa is Asia’s ultimate lifestyle destination resort located on island of Sentosa. Spanning 49 hectares, it is home to four world-class attractions including Universal Studios Singapore, S.E.A. Aquarium, Dolphin Island and Adventure Cove Waterpark. Other attractions include the Asian flagship of a world-renowned destination spa, a casino, six unique hotels and the Resorts World Convention Centre. You will find over 500 Table games and more than 2,400 slot machines and electronic table games machines offering a wide selection of the most popular games to enjoy.