SINGAPORE: The head of Las Vegas Sands Corporation, which has taken on Singapore's casino industry, said he was not concerned about the new regulations established by the government that limits low-income residents and citizens from gambling. Sheldon Adelson, Las Vegas Sands CEO, said in a statement that he did not believe the regulations would have a massive impact on the business in the island country. “We don't want to take money from poor people, so we don't have a problem if [Singapore] wants to put a limitation on either visitation or the exclusion of very poor people,” Adelson told analysts in an earnings call on Thursday morning. “We don't see the future coming out of poor, unfortunate, very vulnerable people,” he added. Only two years ago, Singapore had no casinos. Now, with two resorts having opened gambling facilities on their premises, the sector looks strong, despite worries from the government that residents who shouldn't be there are losing their personal savings. But for observers and economic experts, the move toward creating private facilities that deliver economic resources for the government's infrastructure, the idea has been a wide success, government officials told Bikyamasr.com in a series of interviews earlier this month, even as they continued to boost the “no-gambling" list. “I think we have been successful on this idea and have seen the return very strong," said one government advisor. And revenue has been strong. Although the government in Singapore has pushed forward on efforts to curb the number of residents heading to the country's two casinos, Finance Minister Josephine Teo said last Tuesday the country had netted $93 million from gambling during the first half of the year. This, however, is down from the $102 million earned in 2011, she said. Last year, in total, the country earned $195 million in taxes levied on casino-goers in the country, which Teo said was put to infrastructure and development projects. Singapore earlier this month announced that as a result of last month's move to add 15,000 persons to a list of those barred from entering the city-state's two casinos, and added that it would amend the Casino Control Act, the government said in a statement. Among the proposals are amendments that would restrict the number of visits to the two gaming locations in the country, Channel NewsAsia said in its report. According to government officials, families and individuals can apply for a “visit limit" under the amendment. It comes as the government looks to change its 6-year old casino law in order to combat “criminal activities, strengthen social safeguards and improve tax administration," according to the statement on the Ministry of Home Affair's website. “With the benefit of practical experience in regulating and managing the casinos over the past two years, a review of the casino regulatory regime and the Casino Control Act is therefore timely," according to the statement. The ban came into effect on July 1.
