Genting breaks ground on Singapore project

2007-04-17 15:50:22

Genting International broke ground on its proposed casino in the resort island of Sentosa, Singapore, after managing to reassure worries by local authorities.

The new project is of a massive $3.4 billion scale on a 49 hectare site, and will take until 2010 to complete.

Genting International shares climbed 14.8 per cent day-on-day yesterday after Singapore authorities confirmed they would give the go-ahead to the project.

"There is no issue now," assured Lim Hng Kiang, Singapore's trade and industry minister, when asked by Reuters about Genting's likelihood of gaining a casino license.

Previous worries had centred around the company's ties with Stanley Ho, a powerful and prominent Macau and Hong-Kong casino baron.

But Star Cruises, in which Mr Ho holds an equity interest, pulled out of the project, leaving the ground clear for the project to continue.

Singapore only recently legalized casino gambling, in 2005, and so far only one other project is underway, a $3.6 billion project by Las Vegas Sands set to open in 2009.


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