Asia Pacific to overtake US in gaming revenue
By 2015, Asia-Pacific is expected to dominate in casino gaming over the United States.
A global gaming market report by PricewaterhouseCoopers projected that by then, Asia Pacific will account for 43% of total global gaming revenues, compared to the U.S at 40%.
Sharing these figures at the opening of the 2012 International Association of Gaming Regulators' (IAGR) conference this morning, Second Minister for Trade & Industry S Iswaran says the challenge for Singapore is sustaining regulatory effectiveness so that Integrated Resorts continue to contribute to the economy while minimising associated risks, like loan-sharking and organised crime:
"The risks will become more complex. Globalisation has led to an increase in transnational crime. Crime syndicates no longer operate within national borders and they are getting more sophisticated. They function like quasi-corporate organisations which use modern business techniques// They also leverage on advanced information and communication technology to network with other syndicates, avoid detection by law enforcement agencies or render their illegal activities untraceable."
Mr. Iswaran said such trends underscore the need to strengthen collaboration and co-operation among gaming regulators.
And added that it's important to review and update regulatory regimes from time to time to ensure effectiveness.
About 200 IAGR participants from over 19 countries will attend the 4-day conference. These include gaming jurisdictions from North America, South America, Europe, Asia and Africa.
To ensure enhanced collaboration, the Casino Regulatory Authority also signed two MOUs with its counterparts in Alderney, Britain and Pennsylvania, USA
Areas of cooperation include sharing of information, expertise and training.
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