Casino giant may open new resort early
Posted by Gavin Smith on 07 Aug 2009 at 09:08
Asian casino giant Genting may open the doors of its $6.6 billion Resorts World at Sentosa before the end of 2009, according to reports.
The Edge Singapore said the fast pace of construction could lead to an opening before 2010 instead of early next year, according to a CIMB report.
The resort opening day could be announced as early as next month, the report added.
Predictions say Resorts World at Sentosa will create $690 million in earnings before interest, depreciation tax, and amortisation in the first year of operations, over double initial estimates, CIMB added.
As a result CIMB raised its target price on Genting to $3.9. After the report shares of the Kuala Lumpur-based company went up by 1.9 per cent on Tuesday.
Resorts World is one of just two casino resorts that the government has permitted to be built in the city state as part of a bid to dramatically increase tourism to 17 million visitors.
In turn the goal is to boost tourism revenue to $30 billion by 2015.
Genting officially said in June that the resort in Singapore is due to open in early 2010.
Las Vegas sands, controlled by Sheldon Adelson, has also said it expects to open its Singapore casino resort in January or February next year, which is on schedule.
