Singapore Casino Project To Be Run By Genting International
Shareholders of Genting International yesterday, approved a plan to buy 25% stake in its sister firm Star Cruises, meaning that Genting will take over control of the newly planned casino resort called Resorts World at Sentosa.
Genting is listed on the Singapore Exchange and a statement released by them said the proposal was "duly passes" at a meeting.
The amount of the Star Cruise stake purchased is $255 million, and the money assures that Genting will be in control of the whole project.
The resort project will include gaming facilities, the world's largest oceanarium, and a Universal Studios theme park. The target opening date is sometime in 2010.
Genting Bhd, which contains the both Genting and Star Cruises won a bid in December to create Singapore's second casino, which is to be located in Sentosa Island.
A problem came in when Macau gambling mogul Stanley Ho would have had an indirect stake in the Sentosa project. Genting has since pulled out of the partnership with Ho, and when Star Cruises remained part of a deal with Ho, they were forced to sell it's 25% stake to Genting.
Now, without Ho involved, Genting has regained control of the project, and plans are proceeding for the resort.
Las Vegas Sands is building the first casino in Singapore on the downtown Marina Bay waterfront.
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