A partnership between Genting International and Hong Kong-listed Star Cruises, both units of Malaysia's gaming-to-palm oil conglomerate Genting Group, won the right to build a S$5.2 billion (HK$26.1 billion) mega casino resort on Singapore's Sentosa Island, beating bids by two other consortiums for the city state's second casino licence.
Genting, seen as the favourite, beat a group led by Las Vegas developer Eighth Wonder that included Hong Kong-listed Melco International Development, as well as a joint venture between Bahamas resort operator Kerzner International and Singapore's CapitaLand.
The winning project - Resorts World at Sentosa - will cover 34 hectares and feature four themed attractions, comprising a Universal Studios amusement park, a marine world with the world's largest oceanarium, a water park and an interactive museum of maritime history.
The resort's six hotels and 1,830 rooms will include a Hard Rock hotel and a Maxim's Residences when it opens in 2010. The budget includes a US$393 million government land premium.
'We have the means and ability to shift the paradigm of tourism here,' Genting chairman and chief executive Lim Kok Thay said yesterday after the announcement.
Genting will have a controlling 75 per cent stake in the Sentosa project, with Star Cruises taking the remainder and contributing about HK$6.6 billion.