New Singapore Gambling Duties Bill Increases Casino Tax Rates
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Singapore's Parliament has released a new Gambling Duties Bill to streamline the country's gambling regulations. The amendments to the current Casino Control Act were originally discussed in 2019 as part of the Tourism Board’s agreement with operators Las Vegas Sands and Genting Singapore.
The New Gambling Duties Bill includes an amendment regarding the expansion of the exclusivity period for the two IRs until 2030. The current 15% tax on mass gaming will be increased by 3%, reaching 18% for first US$2.29 billion in gross gaming revenue and 22% on revenues over this limit. Premium gaming revenues with a current 5% levy will also be increase to 8% and reach 12%. Premium revenue is defined as revenue derived from players that have around $74,000 in deposits with certain casinos.
The COVID-19 pandemic may affect IR's construction deadlines. LVS President and COO Patrick Dumont expressed concern that the company may not be able to meet the 2025 deadline for the MBS expansion. Alvin Tan, Minister of State for Trade and Industry, referred to the potential delays as “not altogether surprising”
