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Genting and Star Cruises Sever Their Ties with Macau Gambling Tycoon Stanley Ho
On March 5, 2007, Genting International announced that their sister company, Star Cruises, will be backing out of the $3.4 billion worth Singapore Casino plan with Genting worth. The move will leave Genting in full control of the project.
In a bid to placate angry Singaporean officials, Genting also said that they would be buying the 25% stake of Star Cruises in the project. Star Cruises' reputation of having connections with Macau gambling Tycoon Stanley Ho are viewed suspiciously by Singaporean Officials. Both Star Cruises and Genting International are owned and controlled by the Lim family from Malaysia through their Genting Bhd., which is listed in Kuala Lumpur.
On Saturday, March 3, 2007, Genting announced that they will also divest of their share of the partnership with Stanley Ho. This will give Star Cruises a 75% share in the Macau Hotel run by Mr. Ho. A previous agreement has given a group of investors, Stanley Ho among them, a share of about 6.99% in the Star Cruises. Both steps are part of the decision of the two firms to distance themselves from Stanley Ho due to the suspicions of Singaporean Officials.
On February 27, 2007, the Casino Regulator of Singapore stated that Genting International and Star Cruises, which won the bid for the casino in Singapore last December will undergo "suitability tests" before getting the license.
The action by Star Cruises to remove their stake in the Singapore Casino project will allow them to focus their energy and resources in Macau, where casino profits have reached a total of $7 billion, surpassing the casino revenues generated in Las Vegas.
Stanley Ho had a virtual monopoly of all the casino gambling interests in Macau until the market was opened for other gamblers back in 2002. Genting International also said that they have hired the brokerage firm CIMB-GK Securities as the company's financial adviser.
Thursday, March 22 , 2007
Victor Copeland