Genting Singapore PLC reported a 31 percent drop in net profit in the first quarter from a year earlier, which the company blamed a fall in its VIP hold rate at Resorts World Sentosa. Total revenue declined 15 percent to S$669.6 million ($542.4 million) as gaming revenue fell 20 percent to S$521.2 million. Net profit stood at S$145.4 million. The VIP hold was 2.1 percent, compared to a usual 2.85 percent-3 percent rate, though VIP betting volumes reached a record. The new Marine Life Park helped boost non-gaming results.
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Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.
The Puducherry union territory government has urged the union government to ban online gaming platforms and mobile apps, describing it as a necessity to protect the mental health of vulnerable people.
The next edition of the AGB Webinar Series will look at the future of iGaming customer acquisition and retention, which has been going through a transition period over the last year.