Star Entertainment risks losing casino licence as hearings begin
The first day of hearings examining The Star Entertainment Group’s right to hold a casino licence has concluded.
The NSW Independent Liquor & Gaming Authority announced the review in late 2021 to probe fraud, criminal infiltration and money laundering allegations at the Pyrmont casino.
As reported by The Sydney Morning Herald, the first hearing detailed how the operator disguised AU$900m (US$661m) of gambling transactions on Chinese debit cards as hotel expenses.
Star Entertainment’s misrepresentation of funds means it has lied to banks and thus committed fraud, so says the newspaper.
Concessionaires could face punishment if they fail to report financial actions
Macau’s concessionaires could face heavy punishment from the region’s Chief Executive if they fail to report major financial decisions, under proposals to amend Macau’s gaming laws.
Following continued discussions held by the Second Standing Committee on proposed amendments to gaming laws, its Chairman, Chan Chak Mo, has issued a new statement.
He claims the new law, once implemented, will set specified financial deadlines in which concessionaires must inform Macau’s Chief Executive of any major financial movement.
What’s more, Chan notes these financial cut-off points – the amount at which a concessionaire’s expenditure passes the “major” threshold – will be established in due course.
These thresholds will be bespoke and take into consideration the investment status and scale of each concessionary.
Fine rates have been established, however, with an opening range set at MOP$2m ($250,000) to MOP$5m (625,000).
Macau travel ban fuels share price tumble
Following news of shares dropping 10% on average in Macau, which details HK$35bn ($4.4bn) lost in terms of market capitalisation across the six Macau casino concessionaires between Friday and Monday, stocks have further tumbled this Tuesday.
HXEX figures detail specific market cap losses for each of Macau’s six concessionaires.
This is the second crash in as many weeks for Macau and comes following a travel ban implemented on local regions in the Guangdong province.
The impact of Russia’s war in Ukraine cannot be ignored either, as this has had a detrimental effect on stocks worldwide.
The amalgamation of these factors, particularly the negative impact of Covid-19, is what is driving the market downturn in what was once the most lucrative region for casino operators worldwide.
Singapore Government passes gambling reform bills
The Parliament of Singapore has passed a bill first read on 14 February 2022 to reform gambling laws in the country.
The country’s Casino Regulatory Authority (CRA) will hence be known as the Gambling Regulatory Authority (GRA).
Under the new bill, the regulatory expertise of gambling has been consolidated under one department. Experience will be drawn from the previously separate CRA, Gambling Authority Unit and Ministry of Home Affairs.
As detailed in the reform bill, the GRA will now have the authority to issue fines to violators of a new Gambling Control Act and unilaterally renew, revoke, and distribute licences.
Las Vegas Sands to start 2023 IR build in Singapore: Rob Goldstein
In an interview with the Las Vegas Review-Journal, Las Vegas Sands (LVS) CEO Rob Goldstein has announced plans for the casino operator to develop a new integrated resort in a "major" Asian destination: Singapore.
Plans to develop a new integrated resort in the Asian market come as no surprise, with the company relying on success in the markets of Macau, Singapore and Korea since the sale of its Las Vegas Strip assets The Venetian and Palazzo.
Goldstein accredits the move to LVS' growing reliance on revenue from Asian gaming markets, particularly post-Covid-19.
Missed a big gambling industry story in Asia? Don't worry, Gambling Insider has you covered with our Asia round-up.
