--Genting Singapore hires ex-Las Vegas Sands executive to join
compliance department at its casino resort, a source says
--Robin Thompson was executive director for compliance at Las
Vegas Sand's Singapore casino resort
--Analysts say the hiring is part of Genting Singapore's bid to
improve regulatory compliance
(Updates with background and analyst comments in third,
sixth-11th paragraphs)
By Chun Han Wong
SINGAPORE--Casino operator Genting Singapore PLC (G13.SG) has
hired an executive from rival Las Vegas Sands Corp. (LVS) to join
the compliance department at its Resorts World Sentosa casino
resort, a person familiar with the situation said Friday.
Analysts see the move as part of the gaming company's bid to
shore up its regulatory compliance.
Robin Thompson, former executive director for compliance at Las
Vegas Sands' Singapore casino resort, Marina Bay Sands, has been
appointed vice president of compliance at Resorts World Sentosa,
the person said.
Mr. Thompson left Marina Bay Sands in late June. A replacement
is due take over next month, according to another person familiar
with the move.
Efforts to reach Mr. Thompson were unsuccessful. A Marina Bay
Sands spokeswoman declined to comment.
Analysts say Mr. Thompson's hiring points to Genting Singapore's
efforts to improve compliance procedures in the wake of regulatory
breaches that have attracted fines from Singapore authorities in
the last two years.
"Genting Singapore isn't as used to working in a closely
regulated environment as some other operators and thus has less
institutional knowledge on regulatory compliance," said a
casino-industry consultant familiar with the city-state's
regulatory regime.
"Resorts World Sentosa has had more runs-in with the regulators
than Marina Bay Sands," said the consultant, who declined to be
named. "They are realizing that they've got to do something about
it."
To date, Singapore's Casino Regulatory Authority has fined
Resorts World Sentosa a total of 620,000 Singapore dollars
(US$489,000) for disciplinary breaches, including failures to
retain closed-circuit TV footage for the required time period and
reimbursing casino-entry levies to some local visitors.
Marina Bay Sands meanwhile has paid a total of S$190,000 in
fines to date for offences like failing to enforce casino-entry
bans on some local gamblers.
Singapore last week announced proposals to stiffen casino
regulations, including setting the maximum disciplinary fine for
casino operators at 10% of their gross gaming revenue instead of a
current cap of S$1 million. Parliament is due to debate these
changes by the end of the year.
Genting Singapore, a unit of Malaysia's Genting Bhd. (3182.KU),
and U.S. gaming group Las Vegas Sands each opened a casino resort
here in early 2010, after the island state in 2005 dropped a
longstanding ban in a bid to reap more tourist dollars and boost
its service industry.
Write to Chun Han Wong at chunhan.wong@dowjones.com