In the ever changing gaming landscape, Singaporean Second Minister for Manpower and Home Affairs Josephine Teo says it pays to be smarter than gambling operators.
Teo is pushing for greater consolidation of casino regulatory functions amid the growing complexities of the country’s gambling industry, according to The Business Times report.
The Singaporean minister noted that the country has different regulations and agencies for casinos, remote gambling, and private club-operated slot machines instead of having a unified law and governing body to address these three segments.
At present, the country plays host to two casino properties: Genting Singapore Plc.’s Resorts World Sentosa and Las Vegas Sands Corp.’s Marina Bay Sands.
Speaking at the annual Workplan Seminar of the Casino Regulatory Authority on Friday, Teo pointed out that the government should “be smarter than those we are seeking to regulate.”
“This piecemeal approach will not be sustainable or adequate to deal with the growing complexities of the gambling landscape and products,” Teo said, according to the news outlet.
Teo also acknowledged increased regional competition as one of the challenges facing the Singapore gambling industry. She noted that most countries are already studying what many gambling analysts deemed as “Singapore model” for their integrated resorts (IR).
Japan, for example, has somewhat patterned its IR bill, which is set to introduced to the Diet next week, to Singapore’s IR model, which included fees for locals as well as the taxes to be imposed on casino operators.
“Many jurisdictions are keenly studying our Integrated Resort (IR) concept. Our IRs will be anxious to stay ahead of the competition,” she said.
Another challenge to Singapore’s gambling industry is the technological disruption, according to Teo. She believes that Singapore needs to adapt a more “holistic and coherent” system that strikes a balance between innovation and regulation.
Teo said the Ministry of Home affairs have begun studying a broader gaming regulatory regime for Singapore in order to stay ahead of the regional competition.