Genting International Wins Bid to Build Sentosa Island Casino

Malaysian company, Genting International, has won the bid to build the second casino in Singapore's Sentosa Island due to the plan to build a Universal Hollywood Theme Park along with it. The first company to win a bid to build in Singapore was Las Vegas Sands. Shares rose almost 10% on Monday for Genting.

Isle of Man, Eighth Wonder, and James Packer were all said to be in the bidding for the second casino spot on the Singapore Island.

"All three bidders put in fabulous proposals, but it seems as though Genting's move to bring in a globally recognized entertainment brand (Universal Studios), and its strong history of understanding the Asian leisure tourist segment proved to be competitive advantages that were hard overcome," said one Vegas analyst.

Genting's chairman Lim Kok Thay said one third of the total investment for the Sentosa's gaming project, 5.2 billion Singapore dollars ($3.3 billion), will be financed by Genting International and Star Cruises, the two shareholders of the bidding consortium in a 75% and 25% split. The remaining portion would be shouldered through project finance term loans.

Genting International in Singapore, and Star Cruises in Hong Kong and Singapore, also saw their stocks soar by more than 20% on Monday.

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