Marina Bay Sands' licence has been renewed till April 2025 by the Casino Regulatory Authority of Singapore.
Sandy beaches Theodora Adelson
After reviewing the venue's compliance with Singapore's Casino Control Act, the regulator extended the operator's licence for another three years, starting on April 26, 2022.
Singapore is home to two casinos, one of which being Marina Bay Sands. In February, the other, Genting's Resorts World Sentosa, also got a licence renewal, although this one was until 2025.
This revitalisation coincides with a slew of upcoming improvements to Singapore's gaming business. Two legislation to reform the gambling regulations were enacted by the country's parliament last month.
One of these measures will change the name of the agency responsible for overseeing gambling in Singapore from Casino Regulatory Authority to Gambling Regulatory Authority of Singapore. This will expand its jurisdiction beyond merely casinos.
The minister of home affairs of Singapore would appoint all seventeen members of the new body to serve under a single fixed segment. Each official is limited to a three-year term in office.
New prohibitions on gaming are defined in the gaming Control Act, the second piece of legislation. A fine of SGD$500,000 and a prison term of up to seven years would be the punishment for engaging in or providing unlawful gambling services, including proxy betting. Repeat offenders could face a fine of SGD$700,000 and a prison term of up to ten years.
This legislation will now go before the Presidential Council on Minority Rights (PCMR) for review.
At the same time, the Gambling Duties Act 2022 was passed by the Singaporean government in January, increasing the base tax rate on casino earnings from 15% to 18%. Any income above the SGD3.1bn (£1.7bn/€2.0bn/$2.3bn) level would be subject to a 22% tax rate, whereas this rate would be applicable up to that amount.
