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Genting wins second Singapore license

8 Dec 2006

SINGAPORE – As reported by Reuters: "Malaysian gambling and leisure group Genting Bhd. (GENT.KL) has won the licence to build and run Singapore's second casino resort, the city-state said on Friday.

"Genting's $3.1 billion proposal for the resort island of Sentosa trumped two other bids, from privately held Eighth Wonder and Bahamas-based Kerzner, with a proposal to build a huge marine park and a Universal Studios (GE.N) theme park.

"The proposal reflects our vision for the Sentosa Integrated Resort -- a large-scale family resort that boasts world-class family leisure attractions," Singapore's Deputy Prime Minister S. Jayakumar told a press briefing on Sentosa, a small island just south of the city-state.

"The casino, set to open by early 2010, is the second of two gaming resorts that Singapore hopes will boost its services sector, almost double tourist arrivals to 17 million people by 2015 and triple tourism receipts to S$30 billion ($19.5 billion).

"…Genting, which bid through affiliates Genting International (GNTG.SI) and cruise operator Star Cruises Ltd (SARC.SI) (0678.HK), plans to build an 8-hectare marine park where visitors can snorkel among 200 different species of aquatic animals including whale sharks…"

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