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Genting Casino Beats Sands to Singapore
SINGAPORE --
Genting will begin opening its new Singapore casino resort January 20th, beating Las Vegas Sands to the punch by at least three months. Gambling will be permitted as soon as Genting receives its gaming license from local authorities.
Singapore has approved the operating of two casinos, creating a rush between Las Vegas Sands and Genting to see which could be first to open. Sands recently announced delays had set its potential opening date back to April, with industry experts saying that may be an optimistic prediction.
The Singapore casinos will be aimimng at the Asian high-roller market currently dominated by Macau gambling venues. But, with Singapore gaming net revenue taxed at 12 percent compared to 40 percent in Macau, casino operators will be able to offer better payouts and perks than the Macau competition.
Genting is also hosting a Universal Studios theme park on its property, which is expected to open shortly. Although the company had no date for either the gambling license or the permits for the theme rides, both are expected in the very near future.
Singapore officials say the completed gaming license application was received last month, with roughly a three-monthy period of review, background checks, and investigation expected before the granting of a license.
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