SINGAPORE won't change its casino regulations even as it pledges to 'help' Las Vegas Sands Corp and Genting International Plc ensure the opening of their gaming resorts, said the tourism chief.
Singapore will not consider relaxing rules imposed to curb problem gambling, including a S$100 a day levy on citizens and permanent residents entering the casinos, even as the global slowdown reduces visitor numbers to the country, Singapore Tourism Board's CEO Aw Kah Peng told Bloomberg news in an interview on Thursday..
Las Vegas Sands and Genting will spend more than $9 billion building two casino resorts in the city-state, which is facing its worst recession since independence. The government predicted visitor arrivals to fall as much as 10 per cent this year, the first annual decline since the 2003 outbreak of severe acute respiratory syndrome, or SARS, disrupted travel in the region.
'Just as they have taken a long-term business decision, and we have also designed some of these regulations with a long- term view, I don't think it is about changing it arbitrarily,' said Mr Aw. 'We are working very hard and they are working very hard, we will make sure we help as much as we can to make sure they open.'
Genting, a unit of Malaysia's Genting Bhd, the world's biggest casino operator by market value, on Thursday said it is 'on track' to open its Singapore resort by early 2010. The company, which boosted its investment in the project to S$6.6 billion from S$6 billion, also said costs related to the opening of the resort will have a 'significant' effect on its earnings this year.
Las Vegas Sands, controlled by US billionaire Sheldon Adelson, said last week it's 'working with' the Singapore tourism board to open the first stage of its resort in December or in January 2010. The resort will cost $5.4 billion instead of the $3.6 billion estimated previously, the company said in its earnings conference call last week.
Singapore cut its visitor arrival target by 10 per cent this year to between 9 million and 9.5 million. It is targetting 17 million tourists and tripling annual tourism revenue to S$30 billion by 2015.
