Marina Bay Sands has been granted a three-year extension to its licence until April 2025.
Singapore.- The Casino Regulatory Authority of Singapore has confirmed that Marina Bay Sands has complied with the requirements of Singapore’s Casino Control Act and has been granted an extension of its licence for three years from April 26, 2022.
Resorts World Sentosa in Genting received its licence extension in February, also extending to 2025. The extension of Marina Bay Sands’ licence was delayed due to changes to Singapore’s gaming legislation.
In March, the Singapore parliament approved the Gambling Regulatory Authority of Singapore Bill and the Gambling Control Bill. The former will create the Gambling Regulatory Authority (GRA) as a single regulator for all forms of gambling.
The new regulator will consist of 17 members under the fixed sector, all appointed by Singapore’s Minister of Home Affairs. Anyone can hold the position for up to three years. Singapore hopes the new regulator will be in place for mid-year.
Meanwhile, The Gambling Control Bill increases penalties for unlawful gambling both land-based and online, and imposes stronger penalties for repeat offenders who facilitate or operate unlawful gambling services. Operators found to have allowed underage or excluded individuals to gamble will be liable for an offence or disciplinary action.
Singapore’s legislators agree to increase the rate of gambling taxes
In January, Singapore’s parliament agreed to increase the tax rate to 18 per cent on the first SGD3.1bn (US$2.3bn) of GGR collected from casino operators. The previous tax rate was 15 per cent of the average casino player’s earnings. Mass GGR exceeding SGD3.1bn will be taxed at 22 per cent.
Premium (or VIP) GGR is currently taxed in Singapore at a flat rate of 5 per cent. Under the new model, the first GGR of SGD2.4bn will be taxed at 8 per cent. Premium GGR exceeding that figure will be taxed at 12 per cent.
The legislation also included a moratorium on tax increases in the country, meaning rates will remain the same until March 1, 2032.