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The
Business Times, 25 Mar 04
Genting may bet on Singapore casino
By Eddie Toh in Kuala Lumpur
Malaysia's sole casino group interested in Republic's maiden project:
exec AS
GENTING breathes easier following the crushing defeat of PAS in the
general elections, it is turning its attention to Singapore's maiden
casino project and may be keen to take part in it, a source said.
'Genting will be interested but I'm sure a lot of other gaming companies
will be eyeing the Singapore casino as well,' said the executive close
to the sole casino group in Malaysia.
Analysts said it makes sense for Genting to be involved in the Singapore
casino project to help retain a slice of the Singapore market. Close
to a quarter of Genting's gamblers, who help generate nearly RM1 billion
(S$444.2 million) in bets every year, come from Singapore.
This will not be the first time the Malaysian group has eyed a foreign
casino venture to help reduce its over-dependence on its casino at
Genting Highlands on the border of Selangor and Pahang. Two years
ago, Genting failed in its bid for one of the three casino licences
in the gaming enclave of Macau. Macau awarded two licences to Las
Vegas giants - Wynn Resorts and Galaxy Casino - and the third one
to Macau gaming magnate Stanley Ho.
But the Lim family's Genting and other international gaming players
won't be able to bid for the Singapore casino operations just yet.
This is because the government has yet to give the final nod for the
casino in its major policy rethink on the long-standing ban on casinos
in the Republic.
So far, Singapore's officials have merely said a casino may be allowed
as part of the project to develop a 500-hectare resort and residential
development linking Sentosa and the Southern Islands. It is still
not known if Singapore will go it alone or team up with established
casino groups like Genting.
With or without the Singapore casino, Genting has been stepping up
its diversification following the retirement of founder Lim Goh Tong
in January this year. But Genting will not have to lose sleep over
the threat of PAS ulamas, who have been hell-bent on closing the casino
after making further inroads into the Malay heartland in the previous
election in 1999. The PAS threat has virtually disappeared after the
party was routed by the pro-business ruling coalition Barisan Nasional
in the country's eleventh general elections over the weekend. |
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