Genting gains full control of Singapore casino project

In a statement to the Singapore Exchange where it is listed, it said its proposal was "duly passed" at an extraordinary meeting.

Genting has said it will pay us$ 166.9 million for the Star Cruises stake, which will give it full control of the integrated casino development called Resorts World at Sentosa. The resort will include a Universal Studios theme park and the world’s largest oceanarium, as well as gaming facilities, and is set to open in 2010.

Genting and Star Cruises, both part of conglomerate Genting Bhd, in December won a bid to build Singaporean second casino to be located on Sentosa island, off the city-state’s mainland. But Singapore authorities questioned the consortium after it announced a tie-up which would have given Macau gambling mogul Stanley Ho an indirect stake in the Sentosa project.

The firm pulled out of the partnership with Ho. Star Cruises has remained part of the deal with Ho, but had to sell its 25 per cent stake to Genting to severe any links with the Singapore development.Construction started last month on the 49-hectare site.

Genting International slipped 0.005 to 0.955, while Star Cruises also fell .005 US cents to us$ 0.275 yesterday. Singapore’s first casino on the downtown Marina Bay waterfront is being built by Las Vegas Sands.