KUALA LUMPUR (Feb 4): Shares in Genting Bhd gained as much as 1.05% in early trades on Monday on news that the casino license for its subsidiary Genting Singapore Plc’s (GenS) Resorts World Sentosa (RWS) had been renewed.
Last Friday, the Casino Regulatory Authority of Singapore (CRA) announced that the license for RWS has been renewed for three years effective Feb 6 following an assessment of RWS’ conformity to CRA rules.
At 11.25 am, Genting rose 7 sen or 0.74% to RM9.57 with 2.25 million shares done.
The Singapore Exchange listed GenS which is 51.9%-owned by Genting gained as much as 2.5 cents or 1.64% from yesterday’s close to SGD1.55 with 18.48 million shares traded.
“With effect from Jan 31, 2013, the games that may be played in a casino, their mode of play and game rules are approved by the CRA via a notice in writing, issued pursuant to section 100(1) of the Casino Control Act,” CRA said in a statement.
This follows a recent fine on Jan 15 for GenS by the regulator which totalled SGD40,000 for failing to bar entry to Singaporean citizens or permanent residents who had not paid entry levies.
CRA rules dictate that these persons are required to pay an entry levy of SGD100 to enter casinos.
A newswire quoted the company as saying it was “committed to run its business responsibly”.
"As a good corporate citizen and long term investor in Singapore, RWS believes in improving the community we are in," the company was quoted saying.