Genting Raises Budget For S'pore IR To $6b

Source : The Business Times, November 6, 2007

Genting International said on Tuesday that it expects to spend as much as $6 billion (US$4.14 billion) to build an integrated resort on Singapore's Sentosa Island, up 15 per cent from an earlier estimate of $5.2 billion.

The new figure, which includes a contingency provision of $250 million, will cover the cost of six new attractions as well as the rising cost of construction, Genting International said in a statement.

Genting International and sister company Star Cruises, which are both units of Malaysian casino operator Genting Bhd, won in December last year the right to build and operate Singapore's second casino resort.

Called Resorts World at Sentosa, the 49-hectare project will include a Universal Studios theme park, a giant oceanarium with 700,000 aquatic creatures, and six hotels with more than 1,800 rooms. The resort is scheduled to be completed in 2010.

Singapore's first casino site, a 20.6-hectare piece of waterfront land at Marina Bay near the financial district, was awarded to Las Vegas Sands in May 2006.

Singapore legalised casino gaming in 2005 as part of ambitious plans to double visitor arrivals to 17 million by 2015. -- REUTERS