Casino operator Genting Singapore Ltd., a unit of Malaysian parent Genting Bhd, does not expect the decline of Macau junkets to have a material impact on the market in Singapore. Genting operates Resorts World Sentosa (RWS), one of Singapore’s two casino resorts. Its sole rival is Sands China’s Marina Bay Sands.
According to GGRAsia, Genting CEO Tan Hee Teck made the observation during the company’s annual general meeting in April. Tan said “the clampdown on junket operators in Macau would not affect Resorts World Sentosa’s gaming operations,” as “Singapore is a highly regulated market where junket operators are prohibited.”
He added, “Resorts World Sentosa takes compliance as a culture very seriously and would comply with all applicable rules and regulations of the Gambling Regulatory Authority of Singapore.”
At the same time, Tan acknowledged that Macau’s gaming industry is “coming back very strongly” since borders to the city reopened in early January.
Macau’s junket sector has all but collapsed since the Chinese government launched a crackdown on capital flight, money laundering and illegal gambling. Earlier this year, two junket kings, Suncity’s Alvin Chau and Tak Chun’s Levo Chang, received lengthy prison terms for illicit gaming operations that robbed casinos and the government of revenue and taxes. Chau was sentenced to 18 years behind bars, and Chan to 14 years. The respective junkets then were dismantled. The total number of licensed junket operations in Macau now stands at 36, compared to 235 in 2013.
Genting Singapore plans a SGD4.5 billion (US$3.34 billion) expansion of RWS, to be known as RWS 2.0.
