Thursday, October 30, 2008

Sentosa IR To Delay Parts Of Project

Source : The Strait Times, Oct 30, 2008

Only four hotels, casino and Universal Studios to open as scheduled in first quarter of 2010

FOUR hotels, Universal Studios and the casino of the Sentosa integrated resort are set to open as scheduled in the first quarter of 2010.

But sources told The Straits Times that Resorts World at Sentosa is negotiating with the Government to defer the opening of the remaining facilities in the $6 billion resort.

The setback, The Straits Times understands, has arisen out of a pressing need to find storage space for the equipment for the 14 attractions in the Universal Studios theme park.

To create space on-site, the resort has had to turn one of its venues into a store and, while the venue is used this way, construction has to be put on the backburner.

Asked about this, Resorts World at Sentosa head of communications Krist Boo would only say the project is 'on track' for a 'soft opening' in 2010.

She added: 'Due to the tight labour market and the need for many varied specialist skills - both front-line and in operations - in the resort and in Universal Studios Singapore, we will be progressively opening our many hotels, food and beverage outlets, casino, entertainment and attractions from the first quarter of 2010.'

Like Las Vegas Sands Corp, Resorts World at Sentosa's parent company Genting has been hit by the financial crisis. Its stock price fell by half from RM8.50 a year ago to its current value of about RM4.

The Singapore Tourism Board declined to respond to queries on the ongoing negotiation.

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