Resorts World Sentosa, a unit of Genting Singapore Plc, Asia’s biggest casino operator by market value, borrowed $4.2 billion to refinance debt, including $3.5 billion in term loans and $500 million in revolving credit facilities, according to a Feb. 1 company statement. Nineteen lenders helped arrange the loans while a $192.5 million banker’s guarantee facility was provided by DBS Bank and Oversea-Chinese Banking Corp., according to the statement.
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Genting Singapore Plc’s US$4.7 billion ($6.37 billion) Resorts World Sentosa and the US$5.5 billion Marina Bay Sands, owned by billionaire Sheldon Adelson’s Las Vegas Sands Corp., added about $470 million to GDP in the first half, economist Irvin Seah said in a report today. The “small” first-half contributions came even as Resorts World and Marina Bay Sands, which opened in January and April respectively, weren’t fully operational, he said.
Ho Bee Investment (H13.SG) +2.5% at $1.64, likely to end up for first time in 6 sessions, unfazed by 2Q10 profit fall, according to Dow Jones.
Hopes of firm demand for high-end developer’s projects supportive, especially with many of its properties based in Singapore’s Sentosa island, where property valuations expected to remain high due to growing popularity of Resorts World Sentosa.
Ho Bee currently building 2 more Sentosa projects which will yield 451 homes. 2Q10 net profit down 33.5% on-year at $118.7 million as revenue off 68.2% at $235.7 million due to exceptionally high sales recognition in 2Q09. 10-day moving average, last at $1.67, expected as resistance.
Unlikely many larger-cap developers, stock trading below book value ($1.81/share).
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DMG & Partners Securities in an Aug 3 research report says: “Asiatravel has been appointed the official partner to operate the coach service, Sentosa Rider, that provides an integrated travel experience to visitors to Sentosa.
Tung Lok Restaurants (2000) says the company’s wholly-owned subsidiary Tung Lok Millennium Pte Ltd (TLM) will terminate its cafeteria operations service agreement with Resorts World Sentosa at the end of the month.
Under the deal announced on Jan 4, Tung Lok Millennium would operate and provide food and beverage services at two of the larger staff cafeterias of Resorts World Sentosa.
No reason was given for the termination.
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Phillip Securities upgrades Singapore Airport Terminal Services (S58.SG) to Buy from Hold to reflect improved outlook as tourist-arrivals to Singapore continue to increase, says Dow Jones.
Phillip notes: “With the opening of Resorts World Sentosa and Marina Bay Sands in February and April respectively, Singapore has entered into a new phase of growth as a tourism hub.”
Phillip Securities upgrades Singapore Airport Terminal Services (S58.SG) to Buy from Hold to reflect improved outlook as tourist-arrivals to Singapore continue to increase, says Dow Jones.
Phillip notes: “With the opening of Resorts World Sentosa and Marina Bay Sands in February and April respectively, Singapore has entered into a new phase of growth as a tourism hub.”
Phillip Securities upgrades Singapore Airport Terminal Services (S58.SG) to Buy from Hold to reflect improved outlook as tourist-arrivals to Singapore continue to increase, says Dow Jones.
Phillip notes: “With the opening of Resorts World Sentosa and Marina Bay Sands in February and April respectively, Singapore has entered into a new phase of growth as a tourism hub.”
Phillip Securities upgrades Singapore Airport Terminal Services (S58.SG) to Buy from Hold to reflect improved outlook as tourist-arrivals to Singapore continue to increase, says Dow Jones.
Phillip notes: “With the opening of Resorts World Sentosa and Marina Bay Sands in February and April respectively, Singapore has entered into a new phase of growth as a tourism hub.”
LifeBrandz has opened its second Mulligan’s Irish pub and restaurant at Resorts World Sentosa.
This follows the success of its first Mulligan’s outlet at The Cannery in Clarke Quay, says LifeBrandz in an SGX statement.
The pub and nightclub operator also announced it will open a beach-front bar in Pattaya, Thailand, next month, marking its first venture overseas.
Genting Singapore, a unit of Malaysia’s Genting Bhd (GENT.KL), reported late on Thursday a net loss of $396 million for the first quarter, widening from $32 million a year ago.
Lifebrandz, the operator of entertainment and nightlife outlets, will open its flagship Mulligan’s in Resorts World at Sentosa at The Forum in late May, making this the group’s 11th outlet.
Tan Hee Teck has been appointed director/president/COO/audit committee member wef Feb 19
Work experience: President/COO (designate), Genting Singapore PLC; CEO, Resorts World at Sentosa Pte Ltd; director, Resorts World at Sentosa Pte Ltd
Resorts World at Sentosa and Tiger Airways Singapore today announced plans for a chartered aircraft dedicated to flying overseas guests to Resorts World Sentosa.
Yet to be named, the private flight service, operated by Tiger Airways, will have an aircraft operating as a dedicated charter service for Resorts World Sentosa, transporting guests between Singapore and other cities around the region.
Bloomberg says Genting Singapore Plc., the unit of Asia’s largest publicly traded gambling operator Genting Bhd., will open the island-state’s first casino as Chinese New Year celebrations commence.
Genting’s Resorts World at Sentosa will open its casino to the public this Sunday, according to an e-mailed statement today. Universal Studios Singapore will open to the public in early March, the resort operator said.
The resort complex also houses a Universal Studios theme park, shopping malls, restaurants and four hotels, which began accepting guests last month. Two more hotels are scheduled to be opened after 2010, according to its Web site.
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Singapore’s Casino Regulatory Authority said today it had issued a licence for Resorts World at Sentosa, operated by Genting Singapore PLC <GENS.SI>. RWS is one of two casinos which will start operation in Singapore this year.
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Asiatravel.com Holdings says it has entered into an agreement with Resorts World Sentosa to provide accommodation, transportation and sales support for visitors to RWS and its Universal Studios theme park when it starts operations.
Together with Resorts World Sentosa, and its hotel and airline partners, Asiatravel.com is putting together affordable packages comprising Universal Studio ticket, hotel accommodation, and air and land transportation, to attract a wide range of visitors to the resort.
CLSA has reiterated its positive view on Genting Singapore plc (G13.SG) after the gaming company says hotels at its new integrated resort Resorts World Sentosa will open on Jan 20.
The brokerage says the opening of Resorts World Sentosa ahead of rival casino offering Marina Bay Sands means Resorts World Sentosa will get to enjoy a 100% market share for some months, which bodes well for margins.
