Genting says Sentosa integrated resort bill could rise to S$6.59b

Genting International is warning that its Sentosa integrated resort development could cost almost S$600m more than expected.

Its total investment is expected to increase from S$6 billion to S$6.59 billion.

And the firm warned that these hefty opening costs would have a “significant” impact on its earnings this year.

Genting said that over the past year, changes have been made to the design and architecture of the integrated resort to substantially improve its entertainment and fun offerings. These include enhancements to its casino and Universal Studios theme park.

The company said construction is on track for a soft launch by early 2010. This will include the opening of the casino, four hotels and the Universal Studios.

Genting said the extra investment will be funded by operating cash flows from the resort when it opens next year.

Genting gave this update as it announced a narrower net loss of S$124 million for the 2008 financial year.

Source : Channel NewsAsia – 19 Feb 2009

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