UPDATE: Genting Singapore Hires Ex-Las Vegas Sands Executive for Compliance Role -Source

--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 [e-mail]