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  Today Online 1 Mar 07
Genting likely to get casino nod
Jasmine Yin

Channel NewsAsia 28 Feb 07
Genting, Star Cruises working with Singapore authorities over casino licence

Business Times Singapore 28 Feb 07
Genting licence hangs on suitability checks
Award of licence and signing of development agreement are separate matters, says ministry
By Arthur Sim

Channel NewsAsia 27 Feb 07
Genting's IR project not guaranteed casino licence: Home Affairs Ministry
By Melvin Yong

Straits Times 10 Feb 07
Genting still being quizzed on tie-up with Stanley Ho
Clarification sought on share placement and deals in Macau
By Krist Boo

Business Times 10 Feb 07
Govt still looking into Stanley Ho's tie-up with Genting group

Business Times Singapore 3 Feb 07
Stanley Ho won't have stake in Sentosa IR
Resort spokesman refutes reports that Genting plans to let Mr Ho have a stake

Business Times Singapore 26 Jan 07
Genting shares plunge after report of Stanley Ho queries

Today Online 26 Jan 07
Ho has no stake in Sentosa IR: Genting
But analysts expect thorough probe into background of tycoon with alleged triad links
Lee Ching Wern

Channel NewsAsia 25 Jan 07
Genting queried over inviting Stanly Ho to invest in Sentosa IR project
By Johnson Choo

SINGAPORE: Shares of Genting International dropped 9 percent on Thursday on reports that it had been quizzed by the government over its partnership with Macau casino mogul Stanley Ho.

This, after Genting and Star Cruises said they were taking a majority stake in an upcoming casino and hotel project in Macau, and Star Cruises was selling a minority stake to a group of investors led by Ho.

Shares of Star Cruises were also hurt - down 7 percent in Singapore and 6 percent in Hong Kong.

Barely 2 months after winning the Sentosa project, there have been reports that Genting has been queried by the Singapore authorities over its plan to sell up to a 7 percent stake to Macau casino mogul Stanley Ho and two other unnamed investors.

As part of the tender process for the integrated resorts, bidders had to agree to a probity check, and in weighing the various bids, authorities also took into account the record of the partners.

There has been talk about possible links between Stanley Ho and the triads in Macau, although these have never been confirmed.

Despite Thursday's stock market reaction, parties familiar with the bidding process tell Channel NewsAsia that the government's query is part of the probity checks built into tender process right from the get-go.

These checks are allowed for under the Casino Control Act, where the integrated resort operators, their shareholder and partners will be subjected to perpetual and on-going checks.

Experts say the government is most likely questioning Genting over Stanley Ho's level of involvement in the Sentosa integrated resort, and the contract terms he has with Genting.

They suggested several possible outcomes - which range from the authorities accepting Ho's involvement, to directing Genting to terminate the contract with him. In the worse case scenario, the licence could be withdrawn - but this is seen as unlikely. - CNA /dt

Business Times Singapore 26 Jan 07
Genting shares plunge after report of Stanley Ho queries

GENTING International Plc shares tumbled yesterday after The Straits Times (ST) reported that the company has been queried by the Singapore government over a partnership with Macau gaming billionaire Stanley Ho.

Genting International, the Singapore-listed arm of Asia's largest casino operator, Genting Bhd, fell 10 cents, or 9.2 per cent, to 99 cents, its biggest drop since Dec 12, 2005. Star Cruises, Asia's largest cruise operator, dropped 4 cents, or 7.3 per cent, to 51 US cents. Genting was the most heavily traded stock on the Singapore Exchange (SGX) yesterday, with 166 million shares changing hands.

ST said Genting International was questioned about its partnership with Mr Ho, citing unidentified people. The company said in a statement it couldn't immediately comment on the report.

The Ministry of Home Affairs' Casino Regulation Division declined to comment directly on the report but told AFP that 'suitability checks will be conducted as and when necessary'. Mr Ho and other investors this week said they will hold a combined 6.99 per cent stake in Star Cruises, which in turn owns 25 per cent of Singapore's second forthcoming casino resort.

Star Cruises and sister company Genting International, both owned by Malaysia's Genting Bhd, won the Singapore licence last month to build the $5.2 billion integrated resort.

The stocks also fell after Moody's Investors Service placed the credit ratings of Genting Bhd and Star Cruises Ltd on review for a possible downgrade following the group's Macau plans.

According to the report, Genting has offered Mr Ho and two other unnamed investors a stake of 6.99 per cent in the company's gaming resort on Sentosa island due to open in 2010, which will feature Asia's first Universal Studios theme park outside of Japan.

In return, Genting and Star Cruises will hold stakes in a new boutique hotel and casino to be operated by Mr Ho's company in Macau.

Singapore lifted its 40-year ban on casinos as part of plans to spruce up its staid image and draw more tourists, and issued two gaming licences last year. Las Vegas Sands was the winner of the other licence. It will build a gaming resort with an emphasis on convention facilities near the city-state's central business district. - AFP, Bloomberg

Today Online 26 Jan 07
Ho has no stake in Sentosa IR: Genting
But analysts expect thorough probe into background of tycoon with alleged triad links
Lee Ching Wern chingwern@mediacorp.com.sg

A DAY after news leaked of a renewed Government probe on its Stanley Ho partnership, Genting International has denied that the Macau casino magnate will have a stake in Singapore's Sentosa casino project.

Reacting to a report that Genting had offered the 84-year-old billionaire and two other investors "shares amounting to 6.99 per cent" in Resorts World on Sentosa--as a result of its sister company Star Cruises' tie-up with Mr Ho in Macau--a spokesperson for Genting said that the report was untrue.

"The shareholding structure of Genting International and Star Cruises in Resorts World remains unchanged," he said, referring to the 75-per-cent and 25-per-cent stakes in Singapore's second integrated resort (IR) owned by the respective companies.

On Tuesday, Star Cruises announced that it had signed a HK$1.47-billion ($289-million) agreement with Mr Ho's gaming company Sociedade de Jogos de Macau to build a boutique hotel in Macau--also called Resorts World, with a casino on the premises--by 2009. In return, Mr Ho and other investors said they would buy a 6.99-per-cent stake in Star Cruises.

But the tie-up has raised a red flag with the authorities in Singapore, resulting in a renewed probe into Genting, which won the Sentosa IR licence last month.

Analysts are not surprised that Mr Ho's involvement has triggered checks by the Singapore authorities. An analyst, who did not want to be named, said that even though Mr Ho is not taking a direct stake in the Sentosa IR, Genting will have to convince regulators that his involvement in Star Cruises "will not be an issue".

He expects the Singapore authorities to conduct probity checks on Mr Ho and the new investors to find out details such as the companies they own and the corporate structures, their partners and other commercial arrangements. It is common for regulators to check with the police in other countries for such intelligence.

Self-made tycoon Ho has fought allegations for years that his casinos have been involved with organised criminal triads. Even his sister Winnie Ho has alleged publicly that triads are involved in his casinos. However, Mr Ho has denied all these claims and has never been prosecuted.

Said the analyst: "Mr Ho has traditionally found it difficult to get approval for casino licences outside of Macau because of his alleged links to the triads. And some international gaming companies have publicly stated that they do not want to work with him. They don't want put their licences in Nevada at risk."

In the meantime, observers are waiting with bated breath for the outcome of the probe.

"It is unlikely that Mr Ho will be deeply involved in the running of the Sentosa casino. There are 1,001 investors out there queuing to get into the industry in Singapore, and we only have two IRs. It's only natural that we want investors who come with good repute," said the analyst.

The management of Genting were travelling and could not be contacted yesterday.

Business Times Singapore 3 Feb 07
Stanley Ho won't have stake in Sentosa IR
Resort spokesman refutes reports that Genting plans to let Mr Ho have a stake

(SINGAPORE) Macau casino tycoon Stanley Ho will not have an interest in Genting International's gaming resort on Sentosa island, a resort spokesman said yesterday.

Jackson Loy, assistant director for communications for Resorts World Sentosa, was reacting to reports that Genting was planning to allow Mr Ho to gain a stake in the Singapore development in return for a foothold in the booming Macau casino market.

'Mr Ho will not be having an interest in the Resorts World at Sentosa project,' Mr Loy told reporters, using the name of the development due to open in 2010.

Genting International, part of Malaysian gaming conglomerate Genting Group, and its sister firm Star Cruises won a licence in December to build an 'integrated resort' including a casino on Sentosa, a popular beach and golf resort linked to mainland Singapore by a causeway and monorail. The $5.2 billion development will feature Asia's first Universal Studios theme park outside of Japan and six hotels offering more than 1,800 rooms.

Last month, The Straits Times newspaper reported that Genting had been questioned by the Singapore government over plans to allow Mr Ho a stake in the Sentosa project. It said the reports that Genting was in talks with Mr Ho had 'raised a red flag' with the authorities here.

The Ministry of Home Affairs' Casino Regulation Division declined to comment directly on the report but told AFP last month that 'suitability checks will be conducted as and when necessary'.

The report said Genting had offered Mr Ho and two other unnamed investors a 6.99 per cent stake in the Sentosa resort. In return, Genting and Star Cruises were to get stakes in a new boutique hotel and casino to be operated by Mr Ho's Sociedad de Jorgos de Macau.

Singapore last year lifted its 40-year ban on casinos as part of plans to spruce up its staid image and draw more tourists. It is building two casinos. Las Vegas Sands was the winner of the other licence and will build a gaming resort with an emphasis on convention facilities near the city-state's central business district. The project will be called Marina Bay Sands. - AFP

Straits Times 10 Feb 07
Genting still being quizzed on tie-up with Stanley Ho
Clarification sought on share placement and deals in Macau
By Krist Boo

SINGAPORE'S casino regulators have confirmed that they are continuing to seek 'clarification' from the Genting group over its links with Macau casino mogul Stanley Ho.

The 84-year-old has been associated with the Chinese underworld, although nothing has ever been proven against him. It is believed that the authorities have been putting pressure on Genting since news broke last month that its cruise company Star Cruises had struck a deal with Mr Ho, offering him and a group of investors 6.99 per cent of its shares.

Star Cruises, the world's third-largest cruise line operator, holds a 25 per cent stake in the Sentosa integrated resort (IR). It won the tender for the IR along with sister company Genting International after a two-year contest.

A Home Affairs statement said: 'The Casino Regulation Division is seeking clarification from Star Cruises/ Genting International about the share placement and other deals in Macau.'

Earlier this month, the IR's assistant communications director, Mr Jackson Loy, told reporters that Mr Ho will not have any stake in the resort.

Genting International, the 75 per cent majority stakeholder in Resorts World at Sentosa, appears to have been dragged into the regulator's checks, despite having no direct involvement in the deal.

Analysts said they were not surprised the authorities had decided to take a closer look, in the light of ongoing investigations by New Jersey regulators into the MGM group.

The group had tied up with Mr Ho's daughter, Pansy, to build a casino in Macau.

One adviser, who did not want to be named, said the Singapore Government would go into overdrive to protect the country's 'squeaky clean' brand name.

No concrete evidence of wrongdoing has ever been produced against Mr Ho, but at his Lisboa Casino in Macau, the prostitutes who ply the corridors have become a tourist attraction.

Other reports have also claimed that triads operate in his private gaming rooms, where loan- sharking and money laundering allegedly take place.

Genting yesterday said in a statement: 'We are providing clarifications to the matters sought by the Casino Regulatory Division.' krist@sph.com.sg

Business Times 10 Feb 07
Govt still looking into Stanley Ho's tie-up with Genting group

(SINGAPORE) The chapter has not closed for the Genting group over earlier reports that Macau casino kingpin Stanley Ho is buying into its Sentosa integrated resort and casino project.

'The Casino Regulation Division is seeking clarification from Star Cruises/Genting International about the share placement and the other deals in Macau,' a spokesman for the Ministry of Home Affairs (MHA) said yesterday in response to BT's queries. The ministry did not elaborate.

The Singapore authorities started looking into the matter last month following news that Mr Ho had acquired a stake of 6.99 per cent in Hong Kong-listed Star Cruises. In return, Genting and Star Cruises were to get a 75 per cent stake in a new boutique hotel and casino to be operated by Mr Ho's Sociedad de Jorgos de Macau, the reports said.

Star Cruises has a 25-per cent interest in the Sentosa resort. Genting International - the Singapore-listed arm of KL-listed Genting Bhd - controls the remaining 75 per cent in the Sentosa project called Resorts World at Sentosa.

Genting officials, who have been planning the ground-breaking ceremony at Sentosa in the next few months, remained tight-lipped yesterday. 'We are providing clarifications to the matters sought by the Casino Regulatory Division,' said a Genting spokesman, without elaborating.

Earlier, the MHA said: 'Suitability checks will be conducted as and when necessary.'

Genting, the Malaysian company controlled by Lim Goh Tong's family, last year won the hotly contested bidding for the Sentosa resport, against bids led by CapitaLand-Kerzner International and Eighth Wonder.

Genting's $5.2 billion development is intended to feature Asia's first Universal Studios theme park outside of Japan, along with six hotels offering more than 1,800 rooms.

But the Malaysian group's recent partnership with the controversial Mr Ho has raised eyebrows.

Mr Ho is alleged to have had conflicts with triad gangs in Macau.

The casino licence of MGM Mirage is being reviewed by New Jersey casino regulators after the company tied up with Mr Ho's daughter, Pansy Ho, to build a casino in Macau.

Channel NewsAsia 27 Feb 07
Genting's IR project not guaranteed casino licence: Home Affairs Ministry
By Melvin Yong

SINGAPORE : Genting International and Star Cruises will be able to proceed with the development of the integrated resort at Sentosa. This is according to a statement from Singapore's Home Affairs Ministry on Tuesday.

But whether or not the consortium will get a licence to operate a casino there is a separate issue altogether - and is subject to suitability checks.

The Ministry's statement is interesting on two counts. It answers questions as to whether the Genting group can proceed with the Sentosa integrated resort - but, at the same time, it also suggests the consortium might not get to operate the casino if it does not pass the checks.

There has been much speculation over the integrated resort at Sentosa since Genting International and Star Cruises announced a tie-up in Macau last month. They agreed to buy into a casino and hotel project in the former Portuguese enclave and Star Cruises would sell a 7.25 percent stake to a group of investors led by gaming tycoon Stanley Ho.

But the deal caught the attention of Singapore officials. Reports suggest that there were concerns over the role that Mr Ho would play in the Sentosa project.

There was talk that Genting and Star Cruises might have to walk away from the Macau deal or risk losing their licence to build the Sentosa integrated resort.

The latest statement has made it clear that the right to develop the Sentosa project is separate from the right to run a casino there. Genting and Star are due to sign the development licence on March 1st.

The Home Affairs Ministry says whether the consortium is eligible for the licence will depend on whether it is suitable. Such checks will be conducted before the licence is issued and the Ministry has asked for the necessary forms to be submitted. It also says the consortium and its associates are required to remain suitable even after the licence has been issued.

The casino licence is issued under the Casino Control Act. The same conditions will apply to the integrated resort at Marina Bay. - CNA/ch

Business Times Singapore 28 Feb 07
Genting licence hangs on suitability checks
Award of licence and signing of development agreement are separate matters, says ministry
By Arthur Sim

(SINGAPORE) In a surprise move, the Singapore government yesterday said it will conduct suitability checks on Genting group's new shareholders, who include Macau casino tycoon Stanley Ho, before deciding whether to issue the casino licence for Genting's planned integrated resort (IR), Resorts World at Sentosa.

In a statement released by the Ministry of Home Affairs (MHA) last night, a spokesman for the Casino Regulation Division said: 'MHA has informed Genting International Ltd (GIL) and Star Cruises Ltd (SCL) that MHA will be conducting suitability checks on the relevant parties to ensure that the consortium meets the suitability requirements before the casino licence is issued.

"We have requested that the necessary corporate and personal history disclosure forms be completed and submitted by the parties concerned." MHA did not say specifically who the 'parties concerned' are.

But in January, Stanley Ho and his associates, including Malaysian businessman Chua Ma Yu, acquired a 6.99 per cent stake in SCL, which has a 25 per cent stake in the Sentosa IR project. In return, Mr Ho sold SCL and GIL a 75 per cent stake in Macau Land Investment Corporation (MLIC) which is building a hotel and casino in Macau.

The announcement of Mr Ho's involvement prompted MHA to say it was seeking 'clarification' from the consortium on the 'share placement and the other deals in Macau' earlier this month.

GIL-SCL responded several days later saying it was 'reviewing the structure in relation to its investment in MLIC'. With the issue apparently unresolved, GIL unexpectedly announced yesterday afternoon that it would proceed with the 'Development Agreement Signing Ceremony' with Sentosa Development Corporation, scheduled for tomorrow.

Significantly, MHA said in its statement of yesterday evening that 'the signing of the Development Agreement and the issuance of a Casino Licence are two separate matters'.

MHA also said: 'The signing of the Development Agreement allows GIL-SCL to proceed with the construction of the IR. However, it does not automatically qualify GIL-SCL for the casino licence, which is needed before it can operate the future casino.'

The Development Agreement ceremony between GIL-SCL and Sentosa Development Corporation - the effective landlord - not only symbolises the consortium's commitment to the IR but is also expected to mark the date that the land premium of $605 million is paid.

GIL-SCL won the award to build the Sentosa IR in early December 2006 and the Development Agreement ceremony comes almost three months later.

Las Vegas Sands also held its Development Agreement ceremony three months after winning the award to build the IR at Marina Bay in late May 2006.

When contacted, GIL-SCL declined to comment on MHA's statement.

Market watchers have suggested that a possible way out for the Genting group is to pare Mr Ho's stake in SCL or exclude SCL from the Resorts World at Sentosa consortium altogether.

Whether this means Mr Ho is no longer bound to sell GIL-SCL a stake in MLIC, thwarting Genting group's ambitions to expand to Macau, is not known.

Channel NewsAsia 28 Feb 07
Genting, Star Cruises working with Singapore authorities over casino licence

Genting International and Star Cruises say on Wednesday they are working closely with authorities in Singapore over the casino licence for the Sentosa integrated resort. Their response came one day after the Singapore government said in no uncertain terms that Genting-Star would not automatically get the casino licence for Sentosa and would first have to pass suitability checks.

Genting and Star Cruises say they understand fully the necessity and requirements of such checks - and that this is an on-going process, even after a licence has been issued.

They plan to apply for the licence only when the Sentosa project is substantially completed and ready to receive visitors.

The consortium is due to sign the development agreement on Thursday but their share prices took a hit on Wednesday. Genting International shares fell 7.9 percent to S$0.755 while Star Cruises shares were down 13 percent.

Analysts say the latest developments could have an impact on their plans for Macau. Genting-Star agreed to take a stake in an upcoming project there and sell a 7 percent stake in Star Cruises to a group of investors led by gaming tycoon Stanley Ho.

The casino licence for the Marina Bay integrated resort has also not yet been awarded. This is because operators of the two resorts can only apply for the 30-year gaming concession once half of their developments are built. - CNA/ch

Today Online 1 Mar 07
Genting likely to get casino nod
Jasmine Yin jasmine@mediacorp.com.sg

THE REBUKE may have been strong, causing its shares to plunge, but Genting looks set to make history on Sentosa soil.

One day after the Government said Genting's casino licence is not an automatic right, the casino operator said it is "fully committed" to meeting probity requirements for a casino licence.

In a statement last night, Genting said it "understands the necessity and requirements of thorough suitability checks on casino operators". And observers don't expect Tuesday's terse statement by the Ministry of Home Affairs (MHA) to mean that the casino licence would be withheld from Genting--for long.

"If the Singapore Government were to disqualify Genting and re-award it to someone else, they must have a compelling reason for that. I don't think this reason is compelling enough. No one has been found guilty of any wrong-doing," said Malaysia's Affin Investment Bank analyst Alex Goh to Reuters.

On Tuesday, the MHA said that even after Genting signs the Development Agreement with Sentosa Development Corporation--which takes place this morning--it does not mean that Genting will clinch the casino licence.

The strongly-worded statement caused Genting shares to dive to $0.76, down about 8 per cent, while sister company Star Cruises saw its shares dropping 13 per cent to US$0.27 ($0.41).

The concern was reportedly over Genting-Star Cruises' tie-up with Macau casino tycoon Stanley Ho, which has alleged but unproven triad links.

Still, observers expect Genting, which is building a $5.2 billion integrated resort (IR) in Sentosa, to restructure its dealings with the Macau tycoon.

Interestingly, Las Vegas Sands--which is building the other IR in Singapore--has not received its casino licence yet, even though construction work started last month.

According to guidelines by the Singapore Tourism Board, the IR operators can apply for their casino licences only after at least half of the development's gross floor area is completed and ready to receive visitors.

But if this was the case, why did the MHA issue such a harsh statement on Genting? Said an analyst who declined to be named: "The Government has a reputation for being very above-board. At the end of the day, the Government is reminding everyone that it is still the boss."

It is something that Tan Hee Teck--the newly-appointed CEO of Genting's Resorts World At Sentosa--would have to bear in mind in his new role. Mr Tan, the former chief financial officer of Genting, resigned as the alternate director to Genting chairman Lim Kok Thay, to take on the top post in Singapore, the firm said yesterday.
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