Genting says casino resort will open on original date
Posted by Sarah Banks on 10 Nov 2009 at 13:11
Genting has dismissed speculation that its integrated resort at Sentosa will open earlier than its predicted January date.
Chairman and chief executive Tan Sri Lim Kok Thay said the Resorts World project was "on track" to open in Singapore in January.
Quoted by The Star Online, he said: "We started during a difficult part of the (economic) crisis in terms of funding needs and labour. In the worst case scenario we were planning to open in December 2010. But construction has gone on smoothly. Our next target was first quarter 2010. But now we are refining it to January 2010.”
The project is expected to attract between 12 and 13 million visitors in its first full year.
The firm has sealed an agreement with CIMB Investment Bank Bhd and HSBC Bank Malaysia Bhd for its RM1.6 billion medium-term notes (MTN) programme.
Lim said cash from the MTM would be used for investment, and other general purposes and working capital requirements.
“We originally targeted to raise RM900 million as the first tranche issue under the MTN programme. Due to strong response, we successfully up-sized the first tranche issue to RM1.45 billion, representing around 1.6 times the initial size,” he said.
Elsewhere, Lim said Genting unit Genting Plantations Bhd’s Johor Premium Outlet in Kulai, Johor, is due to open in July 2011.
He also said the company was speaking to potential suitors interested in the sale of its non-core assets in the power, water and gas sectors.
