Monday, February 05, 2007

Genting: Stanley Ho not taking stake in Singapore resort

SINGAPORE: Malaysia's Genting International, which will build Singapore's second casino resort, on Monday denied reports that Macau casino mogul Stanley Ho will buy a stake in the city-state's Resorts World at Sentosa.

A Genting spokesperson told Dow Jones Newswires Ho and four others would take a stake in Star Cruises - Genting's consortium partner in the Singapore resort bid - but not in the casino.

Resorts World at Sentosa will remain 75 percent owned by Genting and 25 percent owned by Star Cruises, the spokesperson, who declined to be identified in line with policy, said.

The rumours had led the Singapore government to question Genting over its partnership with Ho, one of the most powerful men in Hong Kong and Macau, according to the Straits Times newspaper.

On Saturday, the Straits Times quoted Jackson Loy, assistant communications director for Genting, as saying that "Mr. Ho will not be having any interest in the Resorts World at Sentosa project.''

Genting declined to comment again on Monday on whether it has been queried by the Singapore government.

Ho is one of the most powerful men in Hong Kong and Macau, a gambling enclave.

The tycoon heads a sprawling conglomerate that dominates Macau's economy, with interests ranging from hotels and banking to tourist attractions such as the Macau Tower.

Genting's 5.2 billion Singapore dollar (US$3.38 billion; euro2.54 billion) resort is expected to be operating by 2010 on Singapore's resort island of Sentosa.

Source : STAR
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