Genting’s Resorts World Sentosa receives Singapore licence renewal
The licence was renewed under section 49 of the Casino Control Act (CCR), wherein applicants must be meet certain requirements to have licences granted or removed.
The renewal was granted after Resorts World Sentosa proved that it still met the application requirements for a licence as stipulated under section 45 of the CCR.
The renewal will extend the operator’s current licence for another three years from 6 February 2022, meaning it will last until 2025.
In January, Singapore’s government passed the Gambling Duties Act 2022, which raised the tax rate from ordinary casino players revenue from 15% to 18%.
This would be relevant up to a revenue threshold of SGD3.1bn (£1.7bn/€2.0bn/$2.3bn), with any revenue exceeding that being taxed at 22%.
In addition, the tax rate for premium players has been upped from 5% to 8%. Premium players are categorised as players with over SGD100,000 in their accounts.
The bill amendment also made changes to the length of exclusivity for the two existing operators of integrated resorts in the country: Genting and Sands.
Instead of the initial 10 year agreement commencing from the date on which a second casino site is chosen, the new deal expires on 31 December 2030.