Top three casino hopes

Malaysia’s Genting Bhd, following their successful bid to build a casino resort in Singapore, has revealed that they hope to be the world’s third-largest casino operator within 10 years, driven by new revenue gained from their latest venture.

"To be the top three, you need to show some real revenue, and the revenue for this project will form a substantial part of the target," Genting Chief Executive Officer Lim Kok Thay said yesterday.

"We'll start to see that in the fourth to fifth year after the resort opens in 2010"

Genting’s project, with help from partners Universal Studios, will cost $3.4 billion with the Singapore government hoping to entice visitors from all over the world and double their tourist numbers by 2015. The new resort will have numerous family attractions, including a Universal Studios theme park with Genting aiming to attract 15 million visitors by 2010.

Genting, who are presently the fifth-largest casino operator by market value, can now begin to progress as a major global force according to analysts.

"This win is a transforming deal," said Sean Monaghan, analyst at Merrill Lynch.

"This project gives the company a major new engine for growth, an expanded portfolio of assets and enhanced credibility globally, which should facilitate further success in future bids."

Annual gambling revenues are expected to be between $1 and $2 billion, in line with estimates made by Las Vegas Sands, who were granted the first casino licence by Singapore earlier this year.

Editor, - 2006-12-12 11:54:22

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