Singapore has recently passed significant changes to its Casino Control Act, in a move that aims to improve regulation and oversight of the city-state’s two integrated resorts: Marina Bay Sands and Resorts World Sentosa.
The changes to the Casino Control Act were approved by Parliament on Monday, following months of deliberation and consultation with industry stakeholders. The amendments are designed to address several key issues, including enhancing social safeguards, preventing problem gambling, and strengthening anti-money laundering measures.
One of the most notable changes is the introduction of tighter restrictions on local gamblers. Under the new regulations, Singaporean citizens and permanent residents will be required to pay a daily entry fee of S$150 (approximately US$110) or purchase an annual pass costing S$3,000 (approximately US$2,200) in order to enter the casinos. This is a significant increase from the previous daily entry fee of S$100 (approximately US$73) and annual pass fee of S$2,000 (approximately US$1,470).
The higher entry fees are intended to deter casual gamblers and limit the potential for problem gambling among local residents. In addition, the government has also announced plans to implement a system that will allow individuals to voluntarily exclude themselves from both casinos, as well as online gambling platforms, for a specified period of time.
The revised Casino Control Act also includes measures to strengthen anti-money laundering controls and combat illegal activities within the casinos. This includes enhanced monitoring of high-value transactions, stricter requirements for customer due diligence, and increased penalties for non-compliance.
In a statement, Singapore’s Minister for Home Affairs, K. Shanmugam, emphasized the government’s commitment to promoting responsible gambling and protecting vulnerable individuals. He stated, “The changes to the Casino Control Act are part of our ongoing efforts to maintain a safe and secure gambling environment while minimizing the potential negative social impact of gambling.”
Industry stakeholders have generally welcomed the changes, viewing them as a positive step towards enhancing regulatory standards and upholding the integrity of Singapore’s gaming industry. Both Marina Bay Sands and Resorts World Sentosa have expressed their support for the amendments and pledged to work closely with the authorities to ensure compliance.
The revised Casino Control Act is expected to come into effect in the coming months, with the government set to provide further guidance on implementation and enforcement. As Singapore continues to evolve its approach to gambling regulation, the changes to the Casino Control Act represent a significant milestone in the city-state’s efforts to maintain a responsible and sustainable gambling environment.