Genting SP: SG govt said it is reviewing the Casino Control Act and hopes to disclose more details in the 2H12. The review will look into the economic, security and social issues surrounding the two Integrated Resorts (IRs), as a recent survey on problem gambling showed that overall gambling rates remained stable but saw worrisome trend of low-income gamblers who bet large amounts. The govt also commented that raising casino entry levies on Singaporeans and PRs may not be effective as levy is not a deterrent.
Deutsche believe that any further amendments to the Casino Control Act will likely involve tightening of rules targeting at SG and PRs gamblers as efforts to limit social impact from two IRs. Other regulation closely watched is on junkets licensing, which CRA has yet to approve. In line with govt's move and measures to safeguards locals, house do not discount the possibility that junkets licensed (in future) will only be allowed to extend credit to foreign players. Overall, house maintains Hold with $1.49 TP.
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