The Macau Metro Monitor, April 30th, 2010
SINGAPORE NO MATCH macaubusiness.com
SJM CEO Ambrose So said Singapore’s gaming project will be no match for Macau. “I don’t think that it will have too much impact on Macau. Singapore is a financial center and gaming business there is only a part of the overall tourism industry,” he said. He added, “I don’t think Singapore would like to develop gaming business like Macau does, as its main industry,”
NO BLING, NO BUZZ IN SINGAPORE Asia Times Online
The Singaporean government has stringent rules against junket agents. For junket agents, obtaining a license in Singapore requires extensive financial and personal disclosure. Operationally, junket agents need to store full records in Singapore and disclose benefits given to their customers. So far few junket operators have shown interest.
Perhaps the biggest crimp on premium business is the advance reporting requirement. Casinos must report the arrival of junket customers three hours before they enter Singapore. Premium players generally crave privacy, hoping to avoid questions about how much money they have, where it came from and whether taxes were paid on it. But the city-state's rules on junkets run counter to its tax regime. The Lion City taxes premium play at 12%, compared with 22% for mass market gaming revenue, and 39% across the board in Macau.
LVS chairman Sheldon Adelson downplays the lack of junket operators. "We are offering clients credit," he said at Tuesday's MBS opening. LVS president Michael Leven added: "We intend to run this business without junket operators as we do in Las Vegas. Assuming our process works, it will be more profitable."
UNEMPLOYMENT DOWN WITH JOB MARKET ADDING 34,000 MORE WORKERS CNA
Total employment in Singapore is estimated to have grown by 34,000 in 1Q 2010. The seasonally adjusted overall unemployment rate dipped to 2.2% in March 2010 from a revised 2.3% in December 2009.
The service sector gained 31,200 workers in 1Q 2010, compared to 31,500 additional workers in the previous quarter. Manufacturing saw a second consecutive increase adding 3,400 workers after shedding workers over four consecutive quarters, while construction registered a small decline of 800 workers after 20 successive quarters of employment gains since 2005.