A Marina Bay Sands spokeswoman confirmed Arasi’s resignation but declined to elaborate.
Marina Bay Sands scrapped a plan to give demerit points to staff who failed to show up for work even if they had a medical certificate, according to an e-mailed statement from the company. The Straits Times reported the policy earlier today, citing a memo dated Jan. 21.
Hyundai Engineering & Construction Co. said it received an order from Asia Square Tower 2 Pte to build an office building in Singapore’s Marina Bay area for about US$350 million ($453 million). Construction is expected to be completed in 2013, the South Korean company said today in an e-mailed statement.
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Marina Bay Sands will open the world’s first ArtScience museum in February, the latest attraction at its US$5.5 billion ($7.1 billion) gambling complex built by US casino giant Las Vegas Sands (LVS.N).
With a form reminiscent of a lotus flower designed by renowned architect Moshe Safdie, the science museum is due to open on Feb 17 at 1:18 p.m., “as advised by our feng shui master,” a Marina Bay Sands spokeswoman said.
Keppel Land (KLAN.SI) expects to realise a larger profit of about $394 million from the sale of property in Singapore’s Marina Bay after the tax authority said it would treat the divestment as capital gain. Keppel Land, a Singapore developer, last month said it expected to book a net gain of $321 million from the divestment of its one-third stake in Marina Bay Financial Centre Towers 1 & 2 to K-REIT (KASA.SI), a property trust it controls.
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Mainboard-listed Overseas Union Enterprise has named its upcoming commercial project at 50 Collyer Quay as OUE Bayfront.
The 18-storey premium Grade A office tower, together with its adjoining properties which comprise Change Alley Aerial Plaza Tower and Change Alley Linkbridge, are located in the heart of the CBD’s Marina Bay area.
Genting Singapore (G13.SG) falls below $2.00 for first time since Oct. 8; shares last down 2.9% at $1.99.
Broad market weakness adding pressure to shares already reeling from lower-than-expected 3Q10 results unveiled almost 2 weeks ago.
“It’s starting to reflect a more realistic price. The stock has commanded a premium for too long. There has been no compelling reason to buy since the results came out,” says dealer at foreign brokerage; remains bullish on gaming group’s long-term prospects, suggests entering if price heads lower to around $1.80.
Clear near-term support on charts at $1.85 (Sep. 30 low). 3Q10 net profit halved at $187.8 million vs 2Q10’s $396.5 million as revenue down 24.0% at $744.0 million, implying rival Las Vegas Sands’ Marina Bay Sands gaining gaming market share in Singapore.
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TUESDAY, NOV 30
BE thrilled by the quick footwork of Riverdance, a high-octane celebration of Irish music, song and dance. Showcasing 31 performers including the Riverdance Irish Troupe, the show features Bill Whelan’s Grammy Award-winning music and lyrics.
Date: Nov 30 to Dec 12
Time: 8pm (Tue to Fri), 2pm and 8pm (Sat), 2pm and 7pm (Sun)
Venue; Sands Theater, Marina Bay Sands
Tickets: $70 to $170 from Sistic
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Results will determine whether 83.6% rally since gaming group’s return to profitability in 2Q10 is justified. Most analysts expect sequential decline from 2Q10’s $396.5 million net profit as rival Marina Bay Sands casino-resort expected to have grabbed some gaming market share from Resorts World Sentosa.
Notes, rolling chip volume at MBS of about $13.5 billion surpasses house estimates for Genting Singapore (G13.SG) of $11 billion, while rise in MBS’ VIP commission rates confirm view VIP segment competition intensified.
At 0307 GMT, Genting Singapore shares were up 2.4% at S$2.18 on a volume of 131.3 million shares.
At 0302 GMT, Suntec REIT shares were trading down 1.92% at $1.53 on a volume of 5.3 million shares.
Singapore shares may have a weak start on Wednesday after Wall Street closed flat overnight ahead of next week’s US elections and likely announcement of more stimulus by the Federal Reserve. Singapore’s benchmark Straits Times Index <.FTSTI> fell 0.62% on Tuesday to 3,162.51 points. Here are some stocks and factors to watch, say Thomson Reuters and Bloomberg:
Singapore’s Suntec Real Estate Investment Trust (SUNT.SI) may be in focus after it said on Tuesday it was buying a one-third interest in properties owned by two Hong Kong firms in the city-state’s downtown Marina Bay area for $1.5 billion.
ARA Trust Management (Suntec), as manager of Suntec Real Estate Investment Trust (Suntec REIT), says HSBC Institutional Trust Services (Singapore), as trustee of Suntec REIT, has entered into a conditional share purchase agreement with Choicewide Group, Cavell Limited and Hutchison Whampoa Properties to acquire a one-third interest in Marina Bay Financial Centre Towers 1 and 2, the Marina Bay Link Mall and 695 car park lots through the acquisition of one-third of the issued share capital of BFC Development.
Suntec agreed to buy a one-third stake in BFC Development, which owns Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link, from a company owned by Cheung Kong (Holdings) and Hutchinson Whampoa, Suntec said in an e-mailed statement today.
Expects 3Q EBITDA of $385 million vs $504 million in 2Q; “while the headline 24% sequential decline appears steep, 2Q margin was predicated on a very high VIP hold, while the (Marina Bay Sands) ramp up in both VIP and mass during 3Q has been rapid.”
CIMB in an Oct 12 research report says: “KepLand has announced that it will be divesting its one-third stake in Marina Bay Financial Centre Phase 1 (MBFC1) to KREIT at $1.43 billion or $2,450psf.
Keppel Land sold its one-third interest in the city-state’s Marina Bay Financial Centre Towers and Marina Bay Link Mall to its real estate trust in a deal valued at about $1.427 billion.
