No stake for Macau tycoon in S'pore casino
Macau casino tycoon Stanley Ho will not have an interest in Genting International's gaming resort on Sentosa island in Singapore, a resort spokesman said today.
Macau casino tycoon Stanley Ho will not have an interest in Genting International's gaming resort on Sentosa island in Singapore, a resort spokesman said today.
Jackson Loy, assistant director for communications for Resorts World Sentosa, was reacting to reports that Genting was planning to allow 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," 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 S$5.2 billion (US$3.4 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 Ho a stake in the Sentosa project.
It said the reports that Genting was in talks with Ho had "raised a red flag" with the authorities here.
Suitability checks
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 Ho and two other unnamed investors a 6.99 percent 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 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, planning to build 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 The Marina Bay Sands .


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