Genting Singapore Ltd has gained formal approval from the Accounting and Corporate Regulatory Authority of Singapore to transfer its legal domicile from the offshore tax jurisdiction of the Isle of Man, to Singapore.
Genting Singapore runs the Resorts World Sentosa casino resort (pictured) in Singapore. The company made a net profit of SGD601 million (US$450.1 million) last year, more than double that for the prior-year period. It gave the news at the same time as its fourth-quarter numbers.
In its latest update, the firm told the Singapore Stock Exchange that city-state’s accounting authority had granted its application to transfer its registration to Singapore on June 1. At the same time, the company changed its name to Genting Singapore Ltd from Genting Singapore Plc.
Genting Singapore announced the planned change in March, saying the transfer of registration would increase administrative and operational efficiency, while reducing administrative and compliance costs. Shareholders approved the changes at an extraordinary general meeting in April.
Genting Singapore was first incorporated in 1984 on the Isle of Man, a self-governing British Crown dependency in the Irish Sea halfway between the U.K mainland and the island of Ireland.
Sep 17, 2021The act of a patron leaving their deposits with a Macau casino, via the respective VIP host or a junket, should still be legitimate as long as the deposit funds involved are used only for gambling,...
”We are moving rapidly as we execute on our strategy and the planned divestitures are well-progressed”
President and chief executive of casino equipment provider Scientific Games