According to newspaper reports, Macau’s casino tycoon, Stanley Ho will not have stakes in a gambling casino which is being built in Singapore by Malaysian leisure group, Genting Bhd.
Resorts World is the ambitious $3 billion casino development project of Genting on the southern Singapore island of Sentosa, set to open in 2010.
As Jackson Loy, Assistant Communications Director for Genting stated, “Mr. Ho will not be having any interest in the Resorts World at Sentosa project.” Loy provided the statement on the sidelines of a tourism forum, but he declined to comment on the reports of a government probe into the company’s dealings with Ho.
Last month, Genting Bhd. claimed that it would sell a small stake in the Sentosa casino to Ho, and that in turn, it would buy a controlling interest in a new gaming project that Ho is planning to develop in Macau. Star Cruises, a Genting subsidiary, said that under its agreement with Ho, some shares amounting to 7.52% of the company would be sold to Ho and a group of investors, a move that could translate to $84 million.
Nonetheless, when Genting won the casino license for Sentosa, it beat out 2 bidders, including Melco International Development, which is controlled by Ho’s son, Lawrence. Las Vegas Sands won the very first casino project for Singapore, located along its downtown waterfront. The project has a price tag of $3.2 billion, and is due to open in 2010 as well.
February 19, 2007