Singapore slashes Resorts World Sentosa’s casino licence tenure over ‘unsatisfactory’ tourism gaps
This follows a record fine of S$2.25 million (RM7.51 million) imposed on Resorts World Sentosa in December 2023 for failing to conduct mandatory due diligence checks on cash deposits of S$5,000 or more from third parties into customers’ accounts. — TODAY file pic
Tuesday, 19 Nov 2024 9:14 AM MYT
SINGAPORE, Nov 19 — Singapore’s Gambling Regulatory Authority (GRA) has renewed Resorts World Sentosa’s (RWS) casino licence for two years instead of the usual three, citing the integrated resort’s “unsatisfactory” tourism performance.
According to a report published by media outlet CNA yesterday, the new licence term starts on February 6, 2025.
The decision followed an independent evaluation of RWS’ ability to “develop, maintain and promote its integrated resort as a compelling tourist destination that meets prevailing market demand and industry standards,” GRA said.
The review covered the period from January 1, 2021 to December 31, 2023.
The evaluation panel, appointed by Singapore’s minister for trade and industry, found that RWS’ performance was lacking in several areas requiring “rectification and substantial improvement.”
Inputs from the Ministry of Trade and Industry (MTI), Singapore Tourism Board (STB), and Sentosa Development Corporation (SDC) were also considered, the report added.
GRA has not disclosed specific details of the shortcomings but confirmed the next evaluation is scheduled for 2026.
It emphasised continued collaboration with MTI, STB, and SDC to ensure RWS enhances its appeal as a tourist destination.
“GRA will continue to work with MTI, STB, and SDC, to ensure that RWS meets the requirement to develop, maintain and promote its IR as a compelling tourist destination,” the authority said.
This follows a record fine of S$2.25 million (RM7.51 million) imposed on RWS in December 2023 for failing to conduct mandatory due diligence checks on cash deposits of S$5,000 or more from third parties into customers’ accounts.
GRA described the penalty as the largest ever levied on a casino operator in Singapore.
RWS operates one of Singapore’s two casinos, with the other managed by Marina Bay Sands.
It is well known that Casino chips are vulnerable to be used for Money Laundering.
ReplyDeleteThat's why Singapore imposed the verification of cash deposits into gambling accounts.
Genting did not take it seriously.