Singapore earns $324 million from two casinos

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

SOURCE: REUTERS

SINGAPORE, Jan 11 - Casino operators Las Vegas Sand and Genting Singapore paid the Singapore government S$420 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 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)

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