On Wednesday, Singapore’s government announced plans which will see the city-state’s 2 most prolific casinos make expansions to both of their gaming floors.
At current, the Marina Bay houses 15,000 sq. meters and will be allowed to expand to 17,000 sq. meters; making way for an additional 1,000 gaming machines. Resorts World have also been permitted to add an additional 500 sq. meters to their existing floor plan, which will accommodate up to 800 extra gaming machines.
The granted changes means that both integrated resorts (IRs) will have authority over the market until Singapore’s gambling regulations are expected to be reassessed again in 2030.
The Hikes include:-
- the current tax on premium gambling revenue for the 2 casinos stands at 5%, and now that figure will be increased to 8% from 2022. This applies to the first S$2.4 billion of gross gambling revenue, and then anything over that amount will be subject to a tax rate of 12%. In terms of mass gaming revenue, the existing 15% shall be boosted to 18% on the first S$3.1 billion, while anything above that sum will be taxed at 22%.
- Currently, local citizens and residents pay S$100 per day, and that figure will soon surge to S$150 a day. Annual levy costs will also be increased from S$2K to S$3k from 4th April 2019.