January 18, 2010
By Jonathan Burgos from Bloomberg
Jan. 18 (Bloomberg) — Genting Singapore Plc is ready to start
operating Singapore’s first legal casino as soon as the city
state’s government issues its gambling license, the company said
today.
Genting Singapore’s stock added as much as 4 percent this
morning on speculation gambling may begin at the company’s Resorts
World Sentosa complex as soon as February’s Chinese New Year
holiday.
“We are ready,” Robin Goh, a spokesman for Resorts World, said.
“We can open the casino as soon as we have the license.”
Four hotels and 10 restaurants within the $4.5 billion Sentosa
island complex will begin accepting guests from Jan. 20. A
Universal Studios theme park in the complex is also waiting for a
license to operate, and will open as soon as that is issued, Goh
said.
A second casino resort, the Marina Bay Sands, being built by Las
Vegas Sands Corp., will open later after encountering construction
delays. Singapore announced in April 2005 it was overturning a ban
on casinos that had been in place since independence. Resorts World
and Marina Bay are the only two casino developments approved so
far.
“We believe they, Resorts World, will get their gaming license
before Chinese New Year,” Aaron Fischer, a gaming analyst at CLSA
Asia Pacific Markets in Hong Kong, said in a telephone interview.
“We expect gaming revenues to be bigger. There is a huge gaming
market in Southeast Asia.”
In a report published last month, CLSA Asia Pacific Markets said
it estimates Resorts World’s gaming revenue to rise from $2.5
billion this year to $3.8 billion by 2013. The Singapore casino
market will generate $3 billion in revenue this year, growing to $6
billion in 2013, CLSA said in the report.
Genting Singapore gained 3.2 percent to S$1.29 as of 2:30 p.m.
in Singapore. The stock climbed 200 percent in the past year,
compared with a 67 percent gain for the benchmark Straits Times
Index. – Bloomberg
Are they talking Cork here??? what license???? Cannot make it in
time to open, said so lah, you mean to tell me you built casinos
without getting a license??? Just like buying a Car with a driving
license...alamak, they really treat us like 1 year old kids
lor.
So, if you cannot get the license, casinos close down ar???
Really talk cork.com.sg lor
