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4-Traders Homepage  >  Equities  >  Nyse  >  Las Vegas Sands Corp.    LVS

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Las Vegas Sands Corp. : Singapore Renews Marina Bay Sands Casino License

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04/19/2013 | 02:26pm CEST
   By Chun Han Wong 
 

SINGAPORE--Singapore's casino regulator said Friday that it has renewed the casino license for Las Vegas Sands Corp.'s (LVS) Marina Bay Sands resort in the city-state.

The renewal is for three years with effect from April 26 and follows an assessment by the authority that the casino conforms with its rules, the Casino Regulatory Authority said in a statement.

The CRA said it considered MBS's compliance record among other factors and has imposed additional requirements on the casino resort for the duration of the new license. It didn't elaborate on those requirements.

The renewal also comes as Las Vegas Sands faces two lawsuits that seek cuts of the hefty profits the U.S. casino company has earned in the Chinese gambling enclave of Macau. In each suit, the plaintiff claims that Sands reneged on agreements it made while seeking a Macau casino license in 2001.

The Singapore regulator said it is "aware of the investigations by U.S. authorities into the allegations and have kept in contact with our U.S. counterparts to closely monitor these matters." The CRA has reminded MBS "that it is an ongoing requirement for its associates to remain suitable."

MBS, one of Singapore's two casinos that opened in early 2010, has been fined on several occasions by the regulator for breaking the city-state's tough casino laws. The violations included failures to enforce strict entry conditions imposed upon Singaporean citizens and permanent residents.

Singapore law requires citizens and permanent residents to pay an entry fee of 100 Singapore dollars (US$80) to visit the casinos.

Singaporean authorities also bar minors, bankrupts and criminals from entering casinos and allow individuals to voluntarily apply for exclusion. Problem gamblers can also be banned from casinos upon request from their family members.

Write to Chun Han Wong at chunhan.wong@dowjones.com

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