Resorts World at Sentosa Secures US$2.5 Billion Loan

Genting International Plc, the Singapore-listed subsidiary of Malaysian gaming giant Genting Bhd, said Monday its wholly-owned unit Resorts World at Sentosa Pte Ltd has secured 4.2 billion Singapore dollars in funding for the development of its casino resort project on Sentosa island. The funding will be provided by a syndicate of banks including DBS Bank, Oversea-Chinese Banking Corp, HSBC, Royal Bank of Scotland and Sumitomo Mitsui Banking Corp.

The Sentosa project is one of two casino resorts being built in Singapore to boost tourism in the city-state.

The entire project, which sits on a 49-hectare site, will cost about 6 billion dollars to build. The original budget for the construction of the casino resort was set at 5.2 billion dollars, but the budget has ballooned to 6 billion dollars due to higher construction costs.

The project, called Resorts World at Sentosa, is expected to open in 2010, a year after the Singapore first casino resort, the Marina Bay Sands, is open.

Originally posted 2008-02-12 11:57:13. Republished by Blog Post Promoter

• Analysis: Why Singapore went into the casinos industry By Ruchika Tulshyan --- Special to GlobalPost First they legalized dancing on bar tops. Then they tried Formula One night racing. But this year, Singapore --- where the government is...
• UPDATE 1-MGM-branded casino planned for Vietnam resort area A group backed by hedge fund Harbinger Capital Partners plans to open in early 2013 Vietnam's first Las Vegas-style casino resort in a coastal area to be called the Ho...
• Universal Studios Theme Park Opens in Singapore South-East Asia's first Universal Studios theme park started a soft opening Thursday, adding to a regional boomlet for the entertainment industry, spurred by Asia's growing economies. The 20-hectare theme park...

• The FDIC May Need A Bailout From The Banks Now Congress has a mandate that the FDIC must hold enough money to cover 1.15% of all deposits insured by the agency.  Yeah, just 1.15%. That means if all our money...
• H&R Block Opening Accounts for Refund Anticipation Loans KANSAS CITY, Mo. - H&R Block Inc. (NYSE: HRB) announced plans Thursday to open low-cost bank accounts for free for 1 million of its tax clients and significantly reduce the...
• Las Vegas Sands Suspends All Macau Projects Troubled casino company Las Vegas Sands Corp said on Tuesday it priced a public offering of 181.8 million common shares at $5.50 per share, which would raise about $1 billion...