Genting International-Star Cruises Consortium Won

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Dec 08 2006
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The Genting International-Star Cruises consortium has aced the Sentosa integrated resort project. The result which was announced at a press conference earlier came as no surprise as analysts had picked Genting as a frontrunner right from the start. Genting International (SIN : G13), the international investment arm of Genting Berhad (GENTING, stock-code : 3182) has earlier expressed confident of winning a bid to operate Singapore’s second casino resort from its Singapore Government.

Its $5.2b Resorts World At Sentosa will leverage on international brand names like Universal Studios, which will design 16 new rides specially for the resort.

Besides the Universal Studios theme park, there will also be 3 other water-themed attractions including a surf pool. “We wanted a large-scale family-oriented resort that would draw a large number of new visitors to Singapore,” deputy prime minister S Jayakumar told a briefing where he announced the decision.

Visitors will be able to observe some 700,000 fish species in one of the world’s largest oceanariums. Genting’s proposal also includes six hotels and a spa with over 1,800 rooms for both leisure and business travellers.

Earlier, market watchers had picked Genting as a favourite to win due to its Asian experience. The resort is expected to attract 10 million visitors and generate $15b in tourism receipts by 2015. The Sentosa integrated resort is expected to be ready in 2010.

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