Singapore-listed Genting Intl calls off Macau tie-up with Stanley Ho |
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Published
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Sun, 04 Mar 2007 11:05
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SINGAPORE (XFN-ASIA) - Genting International PLC is pulling out of a tie-up with Macau casino tycoon Stanley Ho after the deal came under the scrutiny of the government here, the company said.Genting International said in a written statement issued Saturday that it would sell to its sister company, Star Cruises Ltd, its stake of 25 pct stake in a Macau hotel and casino project linked to Ho.Genting International and Star Cruises are partners in a project to build a casino resort here.Genting International said the 'ongoing clarification process will take time,' which meant the company was unlikely to meet the March 19 deadline to get the necessary regulatory approval for its planned tie-up in the Macau project.The company said it would seek to withdraw its investment from the Macau project as soon as possible.The government here has been seeking clarification from Genting International and Star Cruises about the deal, which would have given Ho and a group of investors a stake of 6.99 pct in Star Cruises.In return, Star and Genting International were to get stakes in a new hotel and casino to be operated by Ho's Sociedad de Jogos de Macau.The casino regulation division of the Ministry of Home Affairs said last week that Genting International and Star Cruises were not guaranteed a casino licence even if they signed a development agreement to build the casino resort here.It said the ministry had told the Genting International and Star Cruises partnership that it would conduct checks 'to ensure that the consortium meets the suitability requirements' before a licence was issued.
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Stanley Leisure agrees to $1.2 billion offer from Genting 