No Entry For Stanley BUT Will Genting Still Into Macau?

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Feb 04 2007
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Jackson Loy, assistant director for communications for Resorts World Sentosa, referring to earlier 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 said Macau casino tycoon Stanley Ho will not have an interest in Genting International’s gaming resort on Sentosa island in Singapore after all.
Genting International (SIN: G13), part of Malaysian gaming conglomerate Genting Group (KLSE: GENTING, stock-code 3182), and its sister firm Star Cruise Ltd (SIN: S21) won a licence in December to build an “integrated resort” including a casino on Sentosa.
However 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”.
Now, we only heard one side of the story, which is from Genting. But Jackson did not elaborate on the Genting’s stake in a new proposed boutique hotel and casino to be operated by Ho’s Sociedad de Jorgos de Macau. If the deal for Stanley Ho is off, can the same be said on the deal offered to Genting in Macau? So if both Stanley and Genting will not gain entry into Singapore and Macau respectively, does that mean Genting stock price should pull-back to the level where it was right before the news broke? So far, Singapore has kept a silent mode in this matter but I don’t blame them as I still do not see what values Stanley can bring into the Sentosa project if given the 6.99 percent stake.
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