Genting Singapore resort may open by end-2009

The “quick pace” of construction could lead to a pre-2010 opening instead of early next year, CIMB said in a report yerterday after a recent visit to the site in Singapore. Genting may announce the resort’s opening date next month, it said.

The casino resort in Singapore is expected to generate us$ 480.7 million in earnings before interest, tax, depreciation and amortization in the first year of operations, more than twice CIMB’s previous estimate, CIMB said.

CIMB today raised its target price on Genting to RM9.40 from RM7.90. Shares of the company, based in Kuala Lumpur, gained 1.9 % to RM6.42, set to become the third-best performer on the Malaysian benchmark stock index today.

Genting’s Singapore project is one of two casino resorts the government has allowed to be built in the city-state as part of its goal to lure 17 million visitors and triple annual tourism revenue to us$ 20.9 billion by 2015. Genting Singapore Plc, partly owned by Malaysia’s Genting, said on June 25 the resort in Singapore is on track to open in early 2010.

Las Vegas Sands Corp, controlled by billionaire Sheldon Adelson, said on July 8 it will open its Singapore casino resort on schedule in January or February next year. Justin Leong, Genting’s head of strategic investments and corporate affairs, didn’t reply to an e-mail or answer his mobile phone.