Genting Receives Casino License For Singapore Casino

After an extra month of waiting, Malaysia's Genting group finally received a casino license in Singapore for their new Resorts World Sentosa casino complex. >

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After an extra month of waiting, Malaysia's Genting group finally has the news they have been waiting for out of Singapore. The company has been issued a gaming license for their Resorts World Sentosa casino complex.

The license was issued on Saturday, even though it was expected to be handed out back in December. Regulators, however, wanted extra time to examine the company and the casino resort. The extra month gave regulators the time necessary, and on Saturday the license was awarded.

"We are very happy to have received the casino license," said Resorts World Sentosa Chairman Lim Kok Thay. He went on to thank the Casino Regulatory Authority for their working "tirelessly to set up the regulatory framework within a very aggressive timeline."

Resorts World Sentosa has already opened four of its hotels, and now they will be allowed to open their casino. The cost of the entire project is estimated to be $4.4 billion, with much of the funds being spent on projects beyond just the casino.

A Universal Studios theme park will be coming to the complex, along with the hotels and the casino. It will add to the already festive atmosphere created on Sentosa Island. Two additional hotels, a museum, and a marine life park are going to be added in coming years.

Genting will be the first company to open a casino in Singapore, but not the last. Las Vegas Sands started construction on a Singapore casino before the economic recession, but halted the project when the credit market dried up.

Recently, thanks to an initial public offering in Asia, Sands has re-stared the Singapore project. Marina Bay sands is expected to be open sometime in April.

Source: Casinogamblingweb.com - News added: 2010-02-07 at: 00:00:02