SINGAPORE: The two casinos in Singapore reported their lowest gaming revenue in 18 months. The reported drop in visitors and profits by Genting Singapore and Las Vegas Sands have many believing the country's economic struggles are finally catching up with the country. The decline in revenue from gaming coincides with a slowdown in the island-state's economy, which the government forecasts will expand as little as 1.5 percent this year, and many fear recession is on the way. Efforts to increase the number of gamblers with discounts and giveaways including free concert tickets have been stifled by the industry's regulator, which charges local residents S$100 ($82) each time they enter one of the casinos. Genting Singapore's gaming revenue dropped 20 percent to S$528.4 million in the third quarter and profit slid 47 percent, the company said Nov. 12. Billionaire Sheldon Adelson's Las Vegas Sands said Nov. 1 gaming revenue in Singapore slumped 28 percent to $470.8 million. Its Marina Bay Sands resort was the only one of its seven locations to post a decline in the period. The regulations imposed by the Singapore government on the city's casinos could be a major cause for their decline. Proposed changes to the Casino Control Act have been under consultation for the past month and the idea of setting bet limits is seen as a way to safeguard the amount of money spent by casinogoers. Already, the Casino Control Act limits the number of times a gambler is allowed to visit a casino monthly. Illegal gambling seems to be on the rise in the city-state after the government announced had added 15,000 additional 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, officials told Bikyamasr.com this fall. 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 new bans came into affect on July 1 and include residents who receive financial aid from the government, the ministry of community development, youth and sports said in a statement last month.
