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Singapore Bets on Genting



Printer Friendly VersionPost a CommentTell a Friend about this Article11 December 2006
As reported by: BusinessWeek.com
Move over Macau. It's now Singapore's turn to create some buzz in the global gambling business. On Dec. 11, the shares of Malaysia's Genting Berhad (GEBHY) shot up as high as 22% to 35.75 ringgit ($10.2) during trading in Kuala Lumpur after Singapore awarded the casino operator and entertainment concern the rights to build and operate a $5.2 billion gambling resort at Sentosa islands.

Sentosa is the second of the two casino resorts that Singapore will have ready by early 2010. In July, Singapore awarded Las Vegas Sands (LVS) the rights to build a $5.6 billion casino resort at Marina Bay, next to the central business district. "Marina Bay is world's most expensive casino development and Sentosa is second biggest in the world," says Sean Monaghan, an analyst for Merrill Lynch in Singapore.

Though it doesn't aspire to rival Macau as the global gaming center, the Southeast Asian island-republic is keen to position itself as the playground for Asian tourists, luring well heeled gamblers from China, India and Southeast Asia to its shores.


Article By: BusinessWeek.com

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