Singapore earns $324 mln from two casinos in 7 months to Nov

SINGAPORE, Jan 11 (BestGrowthStock) – Casino operators Las Vegas
Sand and Genting Singapore paid the Singapore
government S$420 million ($323.6 million) in levies and taxes
in the seven months to end-November 2010, a cabinet minister
said on Tuesday.

“While the IRs have brought in new revenues, collections
from other gaming activities such as lotteries, horse and
sports betting and fruit machines operated by clubs have
fallen,” Second Minister for Finance Lim Hwee Hua told
Parliament.

Singapore legalised casinos in 2005 and allowed the
building of two multi-billion-dollar integrated resorts (IRs)
as part of a plan to double annual visitor arrivals to 17
million by 2015.

Genting’s Resorts World opened its doors in February 2010
while LVS’ Marina Bay Sands started operations in April.
($1
= 1.298 Singapore Dollars)

(Reporting by Nopporn Wong-Anan; Editing by Kevin Lim)