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I doubt the gar-ment will do away the $100 fee at the expense of the social problems created. With the economy so bad, surely more people will want to "bo" in casino.
To improve business sentiment, they should do away with the expensive entrance fee for Singaporeans.
Wh en Resort World opens in March 2010...revenue may not cover all the cost...large share overhang...avoid this counter unless<30cts
Rewards for Genting staff amid losses
Friday • February 20, 2009
BARRY PORTER
barryporter@mediacorp.com.sg
DESPITE continuing losses and escalating development costs for the Sentosa integrated resort (IR), key staff at Mainboard-listed Genting International will receive shares for doing well.
A total of 5.5 million Genting shares have been awarded to selected employees and directors as part of a performance incentive scheme, “contingent on achievements against certain performance targets in relation to the development of the Resorts World at Sentosa IR”, the company said yesterday.
Genting’s executive chairman and controlling shareholder Lim Kok Thay will receive 750,000 shares.
The three other directors awarded shares are Mr Justin Tan Wah Joo, Mr Tjong Yik Nin and Mr Lim Kok Hoong.
Genting’s stock closed yesterday at 42.5 cents, down 1.2 per cent.
The announcement came the same day as two pieces of bad news.
Genting posted a net loss of $124 million for the year ended December.
It also said it might need to invest almost $600 million more than anticipated in the Sentosa project, bringing its total projected bill to $6.59 billion from $6 billion. The extra investment will be funded by operating cash flows from the resort when it opensin the first quarter of next year, said thecompany.
It warned that the high opening costs arising from the Sentosa development would have a “significant” impact on its earnings this year.
In 2007, Genting posted a loss of$381.5 million when it recorded an impairment charge on its purchase of British casino operator Genting Stanley.
Genting said changes had been made to the IR’s design and architecture, to substantially improve its entertainment and fun offerings over the past year. This included enhancements to its casino and Universal Studios theme park.
The soft launch next year will include the opening of the casino, four hotels and the Universal Studios.
Business Times - 20 Feb 2009
Genting Int'l to pour another $590m into IR
Resorts' operating cash flows will be used to fund the extra investment
By ARTHUR SIM
(SINGAPORE) Genting International has announced that Resorts World at Sentosa is now expected to increase its investment in the integrated resort (IR) to $6.59 billion, up from $6 billion.
In a statement released yesterday, it added that the additional investment will be funded by operating cash flows from the IR when it opens in the first quarter of 2010. 'Financing for the resort is in place with the successful syndication of a $4 billion credit facility in April 2008. As at 31 December 2008, Resorts World at Sentosa Pte Ltd has awarded more than $4.5 billion of the $6.59 billion project costs,' it said.
First to open will be four hotels, the casino, Le Vie Theatre, a 7,300-seat ballroom, and Universal Studios Singapore.
Resorts World's chief executive officer Tan Hee Teck added that to date, it has drawn down $600 million of its credit facility. One third of the IR was funded by equity. About $2 billion has been set aside for interest costs and pre-operating costs.
At the time of opening, capital expenditure is projected to be less than $6 billion.
Mr Tan said that the increase in investment is due to changes made to the design and architecture of the integrated resort to improve its entertainment offerings, including enhancements to its casino and Universal Studios Singapore.
Of its Universal Studios attractions, 18 out of 24 are new or have been redesigned for Singapore.
Improvements were made to the quality of interiors as well as to foot traffic accessibility to retail and dining outlets.
The last time the budget for the Sentosa IR was revised upwards was in November 2007 - from $5.2 billion to $6 billion. This was attributed to building-cost escalation and more attractions being added.
The budget for Las Vegas Sand's IR, Marina Bay Sands, has also been increased from US$3.6 billion to about US$4.5 billion.
While construction costs are said to be coming down this year, Mr Tan said that it would only benefit from contracts signed within the last two months.
The announcement comes on the back of Genting International's full year financial results which saw it register a 14 per cent fall in revenue to $643.8 million, down from $751.6 million a year ago.
This was attributed to lower revenue from the group's UK casino's operations and lower interest income. Genting said that revenue from the UK casinos's operations was affected by the weakening of pound against the Singapore dollar and lower business volumes.
It also reported a net loss of $124.8 million for FY2008, compared with a net loss of $381.5 million for FY2007. This can be largely attributed to a lower impairment loss on goodwill recorded in the current financial year for the acquisition of Genting Stanley of $100.8 million compared with $454.6 million in the previous year.
For the year, it also said that the UK casinos's operations recorded a loss before impairment, foreign exchange losses and interest expense of $12.5 million compared to a profit of $53.4 million in 2007.
Mr Tan, however, is confident of the success of Resorts World at Sentosa as more cost-conscious Asian holiday-makers are travelling within the region. He said: 'Asians are telling us they are doing medium to short-haul flights now.'
Cost over run by almost 1bil, another additional yr to wait for mak back those ton of $$$ liao. mean while may lose abit of $$$ at the moment.
A summary for today.
| Last | Trades | Volume | Bid Volume | Mid | Ask Volume |
| 0.575 | 1 | 2,000 | 2,000 | 0 | 0 |
| 0.580 | 54 | 1,355,000 | 1,036,000 | 81,000 | 238,000 |
| 0.585 | 104 | 5,523,000 | 923,000 | 1,955,000 | 2,645,000 |
| 0.590 | 105 | 4,010,000 | 1,550,000 | 0 | 2,460,000 |
| 0.595 | 74 | 4,452,000 | 1,516,000 | 0 | 2,936,000 |
| 0.600 | 68 | 5,118,000 | 2,292,000 | 0 | 2,826,000 |
| 0.605 | 74 | 6,846,000 | 1,523,000 | 0 | 5,323,000 |
| 0.610 | 2 | 2,000 | 0 | 0 | 2,000 |
| TOTAL | 482 | 27,308,000 | 8,842,000 | 2,036,000 | 16,430,000 |
AK don't see any good news on its England arm. Global is on recession, where got extra cash for gambling? Higher and higher operational cost is unavoidable in Sentosa IR, though it denied lately. Not that sure how the PB island issue could let to the state gov to influnce against on Gent Sdn Bhd on the IR project. Moreover, IR has not got a nod on gambling licence yet. Plenty of problem lah, stay sideline loh until weather clear leow. AK view, though more or less a die heart fan for GI since 2006 IPO.
Are there any news on Genting? seems to be heavy volume and someone is playing.
Also, any news on their Europe casino?
Solo, sorry, AK don't count each port folio earning each time, as it will burn my brain cells. I only see my overall assets capital, thats make life much easier. As for GenItl, I acc till 329 lots and dumpped it till now left 85. Loses dun know how much lah. Can check, as I still keeping all the transaction statements and broking house mthly returns. For sure -ve more than 7 K loh. But blessing for disguise, sw counters to recover the loses, IE Kepcorp, SPC etc. However, the overall assets now still shrinks as compare to those logged in Oct 07 loh.
There is no positive news for Genting at the moment, not until they start generating cash from the casino. Buy now and hold for at least two years.
Just paper loss
Going to even out by averaging a few times
Should go down to 2.5 k after that - but have to keep long term
Wah... $7k ... how many lots you bought?
soloman ( Date: 26-May-2008 19:12) Posted:
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friends, if you have paper loss now.. just hold the baby.. they have target price of 1.11 in 12 months time..
still finding a right time to enter the position... it's quite studborn at 0.57-0.59 range.
Do not know how much you lost
I lost 7k over this guy
Planning to go in again later for really long term
Solo, Right cum initial share avg 0.737. Dump most of them when sensed the danger, of course with loses loh. Bought back some when 0.585 but still shit. Now, don't bother this burger leow, keep whaever I hv till 2010 leow.
AK - care to share what price you went in ?
Basic, leave this counter for sometime. You may see 0.5xxxx by end of this yr. AK view, though I vested at high.
Toronto-based Asian Coast Development Ltd (ACDL) hopes to trump them all with the Ho Tram Strip of resorts and "Las Vegas-style" casinos in Ba Ria-Vung Tau province, 80 kilometres (50 miles) southwest of Ho Chi Minh City.
"This is going to be the largest development of its kind in the history of Vietnam," said ACDL chairman Michael Aymong.
"We're building five major resorts, two full-scale casinos, a Greg Norman golf course, a celebrity tennis facility, a marina and a Dolphin Quest marine habitat, where families can swim face-to-face with dolphins."
The first phase will include two hotels with 2,300 rooms, retail areas and a convention centre, and the entire 169-hectare (418-acre) stretch is scheduled to be finished within a decade.
Vietnam bans gambling for its citizens but allows foreign passport holders to visit a casino and use the betting facilities of major hotels.
Aymong said he could not comment on what Vietnam's government may do but added: "I imagine that the government will examine and consider allowing Vietnamese to gamble in the next two or three years."
For now, he said, "we're targeting the Chinese, the Koreans, the Japanese, the Australians and the Russians."
He said the casino and resort strip would be family-friendly with a strong environmental theme and complement, rather than compete with, Macau.
"This is a different type of product," he said. "It's a destination resort. Our real competition is going to be Singapore."
Forglory ( Date: 22-May-2008 15:31) Posted:
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still have to wait long long before this thing actually starts to print money...but with so many competitions around...