Singapore says Genting's gaming licence not automatic

last SG · 2007-03-01T08:25:56+00:00

what a joke. give them the contract bind themand then tell them well the casino that was part of the plans might be scapped

LazerLordz SG

esp with mr hatchet and his cul-de-sac. Laughing

Hello Kitty SG

altho me no like malaysia, bt me feel dis time we lealli stink like wat.

lealli tro my face ah.

nw oso learn to twist n turn like our neighbour liao.

spencer99 SG

I can't imagine why there is so much "red tape" in Singapore.

If anything, this reflects Singapore inefficiencies. the licence should be tied to the bid....

So if Genting fail to get licence, what will happen?? We re-bid the IRs again??

Siao!

And I am sure the various bidders submitted a lot of proposals and informations.. surely the information is necessary to see if they qualify for a licence, you mean to say that if we didn't bidder does not qualify for licence, we will let them bid?

missqi SG

I think they will grant them the license lah.
They just want to scare them and make them do more work.
Laughing
And they should announce after the casino is built.
Twisted Evil

the Bear SG

scare tactics make for a disgraceful... uhh.. okay.. they're just being themselves then Laughing

charlize SG

Hanor.

At the end of the day, it's the money generated from the casino that they want.

Without the casino, ah pek, ah soh, ah mah go Sentosa for fcuk?

Sunbathe at Siloso Beach? Laughing

stookie SG

i hope after the casino... got stripshow performances... wooots Laughing

the Bear SG

Star Cruises to withdraw from Singapore casino

SINGAPORE, March 4 (Reuters) - Genting International said sister firm Star Cruises would withdraw from a $3.4 billion Singapore casino venture, leaving the gaming company in full control.

Continuing its attempts to placate Singapore authorities unhappy about its links with Macau gambling tycoon Stanley Ho, Genting International said it planned to buy Star Cruises' 25 percent stake.

Star Cruises and Genting International are both controlled by Malaysia's Lim family through the Kuala Lumpur-listed gaming group Genting Bhd .

On Saturday, Genting International said it would divest its share in a proposed partnership with Ho to give Star Cruises the entire 75 percent stake in a Macau hotel casino to be run by him. A previous deal had given a group of investors including Ho a 6.99 percent stake in Star Cruises.

Both moves are part of an anticipated unraveling of the two firms' tie-up with Ho. which had upset Singapore authorities.

On Tuesday, Singapore's casino regulator said that Genting International and Star Cruises -- which won approval to build a casino resort in the city-state in December -- would be subject to "suitability checks," along with their business associates, before being awarded a casino licence.

Star Cruises' move to relinquish its stake in the Singapore project will allow it to focus on Macau, where casino revenues amounted to $7 billion last year, surpassing those generated along the Las Vegas Strip.

Ho, one of the world's richest men, had a monopoly on casino gambling in Macau for nearly four decades until it was opened up to other players in 2002.

Genting International said it had hired brokerage firm CIMB-GK Securities as its financial adviser.

(source: Yahoo News)

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