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Thread: Regulators to inspect casinos by year-end

  1. #1
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    Default Regulators to inspect casinos by year-end

    http://www.businesstimes.com.sg/sub/...27140,00.html?

    Published June 18, 2011

    Regulators to inspect casinos by year-end

    Visit aimed to see if operators are complying with S'pore gaming laws, licensing requirements, among other things

    By GRACE LEONG

    (Singapore)


    SINGAPORE'S Casino Regulatory Authority (CRA) will conduct its first comprehensive on-site inspection of casinos at Marina Bay Sands (MBS) and Resorts World Sentosa (RWS) by year-end, CRA chairman Richard Magnus said.

    'With both casinos having been in operation for more than a year, they would by now have sorted out any kinks in their operations and moved into a steady state of operations,' Mr Magnus said.

    'Consider this as due notice having been given,' he told senior officers of MBS and RWS at a seminar yesterday that outlined the initiatives set for CRA's workplan year.

    The year-end inspection, which is on top of the agency's regular monitoring of the casinos, will include detailed onsite inspection of their electronic gaming equipment and comprehensive checks on casino operations.

    The inspection aims to find out if casino operators are complying with Singapore gaming laws, licensing requirements, internal controls code and approved game rules, Mr Magnus said.

    'There has been much discussion about the possibility that Singapore's two casinos may overtake Las Vegas in terms of gaming revenue,' he said. 'CRA's mission has become more critical with the extraordinary growth of the industry.'

    Lee Sin Yee, RWS's spokeswoman, said: 'As a responsible gaming operator, we respect and seek to comply with Singapore's gaming laws and regulations. As such, we work very closely with CRA on a regular basis, and will cooperate fully with the inspection.'

    As a licensed gaming operator, MBS works very closely with the authorities in Singapore to ensure compliance with the regulatory framework at all times, an MBS spokesman said.

    'We will continue to cooperate fully with the Casino Regulatory Authority and other regulatory bodies and are ready to facilitate any additional requests and inspections at any time,' the spokesman said.

    The agenda of the new CRA board is to, among other things, continue to beef up regulatory governance of the two casinos, including 'the matter of junkets and probity investigations that are still going on', Mr Magnus said.

    To ensure CRA's investigation, probity, technological and administrative processes are in line with global standards, CRA will appoint former regulators from gaming jurisdictions in the United States, Europe and Australia to its International Advisory Panel (IAP). The panel advises CRA on operational regulatory issues.

    Dennis Neilander, former chairman of the Nevada Gaming Control Board and former chair of the International Association of Gaming Regulators, will join IAP, which currently comprises Peter Dean and David Ford, commissioner for fair trading and a deputy director-general in the Queensland department of employment, economic development and innovation.

    CRA also signed a memorandum of understanding (MOU) with the Queensland Office of Liquor & Gaming Regulation yesterday to strengthen collaboration in the area of gaming regulation.

    This is the third MOU CRA signed this year - the first was in January with the National University of Singapore to promote collaboration in joint mathematical research projects to ensure gaming integrity in the industry. The second was with the Nevada Gaming Control Board last month.

    Such collaborations have enabled CRA to build an understanding of different regulatory requirements and market realities faced by casino operators in various jurisdictions, said Masagos Zulkifli, Minister of State for Foreign Affairs and Home Affairs. 'It has also allowed CRA to understand the threats and challenges faced by other jurisdictions,' he said.

    Michael Sarquis, the Queensland office's executive director, said in a keynote address at the seminar that the two agencies will work together more to handle increasingly multinational licensees and associates and increasingly complex business models and gaming technologies.

    'With more and more jurisdictions in Asia and around the world considering the legalisation of gaming, we can also anticipate greater competition and pressure from our licensees to evolve our regimes to become more business-friendly,' he said.

    But as regulators, he said they must find the right balance to ensure that law and order as well as social health issues are well managed.

  2. #2

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    if they pay me $50k a month, I will inspect the casinos

  3. #3

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    So what if the casinos fail the inspection? Close them down?

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