I
n a latest statement to Singapore Exchange, Genting International (SIN: G13) said it was divesting its stake in a Macau hotel casino to be run by Ho “as soon as practicable” because it was unlikely to meet the deal’s regulatory deadline of March 19.Earlier, Singapore’s casino regulator said that Genting International and Star Cruises along with their business associates would be subject to “suitability checks” before they would be awarded a casino license in the first salvo in punishing Genting for forming a partnership with Stanley Ho secretly without consulting Singapore authorities.
However the story might just begun as it is yet to be seen if the Singapore authorities are satisfy with Genting’s latest arrangement. Singapore might be able to smile at junior Lim only if both Genting International and Star Cruises hand-off from any Stanley-Macau deal as Stanley might still be entering Singapore project via its’ 5.99 percent stake in Star Cruises. But if Stanley is not allowed any stake then there’s no reason why Star Cruises will be allowed into Macau, which will translate the whole scenario back to square one. Genting stock price should be revised down minus it’s valuation of Macau’s project.
Other Articles That May Interest You …
March 3rd, 2007 by financetwitter
|
Comments
Add your comment now.
Leave a Reply