Marina Bay Sands receives three-year licence extension

The Casino Regulatory Authority of Singapore has renewed Marina Bay Sands’ licence until April 2025.

The regulator determined that the venue had fulfilled all the requirements set out in Singapore’s Casino Control Act, and so granted the operator a three-year extension to its licence from 26 April 2022.

Marina Bay Sands is one of two casinos in Singapore. The other, Genting’s Resorts World Sentosa, received a licence extension of its own – also until 2025 – in February.

The renewal comes as Singapore is set to implement a number of changes to its gaming market. Last month, the country’s parliament passed two bills to overhaul its gambling regulations.

The first of these bills will rename the Casino Regulatory Authority to the Gambling Regulatory Authority of Singapore, giving it a remit over all areas of gambling in the country rather than just casinos.

The new body consists of 17 members under one fixed segment, all of whom would are appointed by Singapore’s Minister of Home Affairs. Each can hold their position for up to three years.

The second bill, the Gambling Control Act, creates new definitions for unlawful gambling. Partaking in or offering illegal gambling services, including proxy betting, would be punishable with a fine of SGD$500,000 and a prison term of up to seven years, while repeat offenders could receive a fine of SGD$700,000 and a prison term of up to 10 years.

These bills must now be scrutinised by the Presidential Council for Minority Right (PCMR).

Meanwhile, in January, Singapore’s government passed the Gambling Duties Act 2022, which raised the base tax rate on casino revenue from 15% to 18%. This rate would apply up to a revenue threshold of SGD3.1bn (£1.7bn/€2.0bn/$2.3bn), with any revenue exceeding that being taxed at 22%.

Original Article