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Friday, February 20, 2009

Genting to raise investment in S'pore resort

SINGAPORE: Genting International Plc, which is building a casino and theme park in Singapore, said the opening costs for the so-called integrated resort will have a "significant" impact on its earnings this year.

Genting expects to increase its investment in the resort to S$6.6 billion (S$1 = RM2.39) from S$6 billion, the company said in a statement to the Singapore Exchange. The additional investment will be funded from cash flow once the casino resort opens, it said.

The company yesterday reported it had a loss of S$124.8 million, or 1.38 cents a share, for the year ended December 31, compared with a loss of S$382.8 million, or 5.51 cents, in the year-earlier period.

Sales fell 14 per cent to S$643.8 million as revenue from its UK casino operations dropped.
Genting said the Singapore casino is "on track" to open by early 2010 and more than S$4.5 billion in construction contracts have been given out for the resort, which will include Southeast Asia's first Universal Studios.

Genting International is a unit of Kuala Lumpur-based Genting Bhd, Asia's largest casino operator.

By Bloomberg

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