SINGAPORE: Opening the 2012 International Association of Gaming Regulators’ (IAGR), Second Minister for Trade & Industry S Iswaran said it is important to strengthen collaboration and co—operation among gaming regulators.
Mr Iswaran said the challenge for Singapore is sustaining regulatory effectiveness so that Integrated Resorts (IRs) continue to contribute to the economy while minimising associated risks, like loan—sharking and organised crime.
Mr Iswaran said: "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 the IRs have helped to boost tourism revenue. Tourism receipts totalled S$22.3 billion in 2011, an increase of 18 per cent in 2010.
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 2015, Asia—Pacific will account for 43 per cent of total global gaming revenues, compared to the United States at 40 per cent.
The report said Asia—Pacific’s five—year compound annual growth rate (CAGR) of 18.3 per cent between 2011 and 2015 will create a globally dominant Asian regional marketplace.
With this backdrop, Mr Iswaran said it is also important from Singapore to review and update regulatory regimes from time to time to ensure effectiveness.
In Singapore, three key proposed amendments have been made to the Casino Control Act.
These include the setting up of an independent evaluation panel, introducing casino visit limits on the financially vulnerable and raising the maximum financial penalty on casino operators from S$1 million to 10 per cent of the casino’s annual gaming revenue.
This is the first time IAGR has held a conference in Asia.
About 200 IAGR participants from over 19 countries will attend the four—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 memorandum of understanding with the Alderney Gambling Control Commission and the Pennsylvania Gaming Control Board.
The areas of cooperation include sharing of information, expertise and training.
MORE SINGAPORE NEWS
Latest Photo Galleries on xinmsn
Riot police on Wednesday clashed briefly with groups of anti-government protesters in two Turkish cities, but there was no fresh unrest in I... More Riot police on Wednesday clashed briefly with groups of anti-government protesters in two Turkish cities, but there was no fresh unrest in Istanbul nor the city of Izmir where demonstrators switched to silent protests after a heavy crackdown. Duration: 00:34
Date 6 mins ago, Duration 0:34, Views 0