Marina Bay Sands, one of Singapore’s two casinos, has been granted a three-year license extension by the country’s regulator, the Casino Regulatory Authority. This renewal follows the fulfillment of all requirements outlined in Singapore’s Casino Control Act. The extension coincides with the implementation of new gambling market reforms as Singapore aims to strengthen its regulatory framework.
License Extension:
Marina Bay Sands has successfully met all the stipulations outlined in Singapore’s Casino Control Act, leading to the granting of a three-year license extension. The extension provides continuity and stability for the casino operator and its operations.
Comprehensive Gambling Market Reforms:
Singapore is undergoing significant changes in its gambling market regulations. Last month, the country’s parliament passed two bills aimed at overhauling the gambling landscape.
Establishment of Gambling Regulatory Authority:
The first bill renames the regulatory body as the Gambling Regulatory Authority of Singapore, expanding its jurisdiction beyond casinos to cover all forms of gambling in the country. The authority comprises 17 members appointed by the Minister of Home Affairs, with each member serving a term of up to three years.
Gambling Control Act:
The second bill, known as the Gambling Control Act, introduces new definitions for unlawful gambling activities. Engaging in or providing illegal gambling services, including proxy betting, will be punishable by fines of up to SGD$500,000 and prison terms of up to seven years. Repeat offenders may face fines of up to SGD$700,000 and prison terms of up to 10 years.
Scrutiny by the Presidential Council for Minority Right:
Both bills are currently undergoing scrutiny by the Presidential Council for Minority Right (PCMR), ensuring that the legislation aligns with the country’s principles of fairness and inclusivity.
Revised Gambling Duties Act:
In January, Singapore’s government passed the Gambling Duties Act 2022, which raised the base tax rate on casino revenue from 15% to 18%. Revenue exceeding SGD3.1bn will be subject to a higher tax rate of 22%. These adjustments aim to enhance the government’s revenue from the gambling sector.
Marina Bay Sands’ three-year license extension reflects its compliance with Singapore’s regulatory requirements, providing stability for its operations. The reforms in Singapore’s gambling market, including the establishment of the Gambling Regulatory Authority and the enactment of the Gambling Control Act, signify the country’s commitment to comprehensive and effective regulation. As these changes are scrutinized by the PCMR, Singapore strives to create a fair and secure gambling environment while maximizing the benefits to society and the economy.