So you can build, hire people for it but can't operate it?
This statement is VERY insightful.
Is paying off a foreign PM is the same category? So what's with paying additional money to the military generals?
We have to grease every palm, or else how to remain in an ossis of calm and relative safety.
Who is worst, the people taking or the people giving?
CS says, "We can't help you ignore yourself."
Frankly if they didn't, I think Genting would easily strike back by building a gambling resort in JB, where Singaporeans would not have to pay a fee to enter. Lots of people thought Genting won it precisely because if they didn't, there would have been a likelihood of a JB 'IR' to suck in the Singaporeans.
Genting says committed to Singapore casino
By Sebastian Tong
SINGAPORE, Feb 28 (Reuters) - Genting International, which in December won a $3.4-billion bid to build a Singapore casino, said it was fully committed to the project and is working closely with the authorities to ensure it qualifies for a licence.
On Tuesday, Singapore's casino regulator said Genting International and Star Cruises -- the two affiliates of Malaysia's Genting Bhd which won the casino bid -- would have to undergo "suitability checks" in order to obtain the casino licence.
The regulator's statement was seen as a warning to Genting that it may not receive a casino licence -- potentially the most lucrative part of the entire resort -- following its unexpected tie-up with Macau gaming tycoon Stanley Ho last month.
"The company, from over 20 years of experience operating casinos in other similar jurisdictions, understands fully the necessity and requirements of thorough suitability checks on casino operators, that this is an ongoing process and will continue even after a licence has been issued," Justin Tan, Genting International's managing director, said in a statement.
Shares of Genting International fell 7.9 percent on Wednesday to close at S$0.76, while Star Cruises fell 12.9 percent in Singapore and 5.7 percent in Hong Kong.
The Malaysian-listed parent Genting Bhd fared little better, falling 8.4 percent to 35.5 ringgit ($10.14).
A sell-down in regional stock markets on Wednesday also maintained pressure on the shares.
Analysts said the Singapore regulator is clearly upset with Genting's tie-up with Ho, which gives the Macau tycoon a minority stake in the Singapore project.
Ho dominated the Macau casino business for four decades, at a time when the former Portuguese colony had a reputation for triad gangs and massage parlours.
On Thursday, Genting is due to sign a development agreement for the second of two gambling planned for the island state and pay the remaining 75 percent of the S$605 million ($397 million) cost of the 49-hectare site.
"It is in Genting's long-term strategic interests to ensure that it fully satisfies any immediate concerns that Singapore gaming regulators may have as it relates to its international business expansion activity," said Jonathan Galaviz of leisure industry consultancy Globalysis.
U.S. gaming giant Las Vegas Sands , developer of the first of the two planned resorts, has yet to get its casino licence because operators can only apply for the 30-year concession once half of their developments are built.
While Sands has started construction of its downtown, waterfront resort -- due to open in 2009 -- work on Genting's resort, located in Singapore's resort island of Sentosa, has not yet started.
Alex Goh, an analyst at Malaysia's Affin Investment Bank, said he doubted that Singapore would withhold the gaming licence.
"If the Singapore government were to disqualify Genting and re-award it to someone else, they must have a compelling reason for that -- and I don't think this reason is compelling enough. No one has been found guilty of any wrong-doing," he said.
In the deal announced last month, Genting said a group of investors including Ho would take a 6.99 percent stake in its leisure cruise unit Star Cruises, giving the tycoon a tiny effective interest in the Singapore casino.
In exchange, Star Cruises and Singapore-listed Genting International would take a 75-percent stake in a casino hotel in Macau to be operated by Ho.
Genting later said that it would review the structure of the Ho deal after the Singapore authorities asked for clarification.
Wait for another day or two for panic investors to dump the shares.
Plummeting down the price.
Good time to pick up the leftovers....and good news if genting is granted for the license.
If not, whahhaa....further nosedive.
Monday March 5, 6:40 PM
Genting shares get some relief after end to Stanley Ho tie up
Genting International found some relief amid a broad market sell-off on Monday after the company said it was taking sole control of a casino project in Singapore and pulling out of a Macau tie-up with gaming tycoon Stanley Ho.
Genting said Sunday it was buying the 25 percent stake of its sister firm and minority partner Star Cruises in the project to build a 3.4 billion-dollar integrated casino resort on Singapore's Sentosa island.
The Singapore-listed Malaysian gaming firm, which owned 75 percent of the consortium, also said it would pull out of a Macau hotel project linked to Ho.
Genting surged in early trade following the news, but fell victim to the sharp falls in the market later in the day.
It closed at 0.805 Singapore dollars (0.53 US), down 0.025 or 3.0 percent. However, the fall was slightly better than the 3.13 percent drop in the benchmark Straits Times Index.
Star Cruises sought a suspension of trading pending an announcement. It closed at 0.32 US dollars on Friday.
The Genting and Star Cruises consortium had won a bid last year to build a casino and entertainment complex to be called the Resorts World at Sentosa in the city-state.
But a deal which would have given Macau businessman Ho an indirect stake in the Singapore casino project prompted authorities to question the consortium.
Pressure increased after the Casino Regulation Division of the Singapore's Ministry of Home Affairs said the Genting-Star Cruises alliance was not sure of getting a casino licence despite winning the bid to build the development.
The regulator had said it would conduct checks "to ensure that the consortium meets the suitability requirements" before a licence is issued.
Singapore's Casino Control Act requires each person associated with the management and operation of the casino to be a "person of good repute, having regard to character, honesty and integrity."
Genting said its decision to take full control of the Sentosa project was to enable the company to meet the criteria set out by the Singapore government for the application of a casino licence.
Las Vegas Sands is building Singapore's other casino project in the Marina Bay business district.
The US gaming operator has also not been issued a casino licence, although it has started construction on the project, the Ministry of Home Affairs said.
Under guidelines issued by the Singapore Tourism Board, the operator of the integrated resort can apply for a casino licence only when at least half of the gross floor area has been completed and ready to receive visitors.