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S$800M cost overrun for S'pore casino
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AK_Francis
Supreme |
22-May-2008 09:48
Yells: "Happy go lucky, cheers." |
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Ah yoh yoh, passing day like year, sian leow. If market slump further, by then where got extra $$$ to gamble, esp sporean need to pay around USD 80 to enter the casino for SSLL(see see look look:). |
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yipyip
Master |
22-May-2008 07:37
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Macquafie Research 20/May/08: 12 mth TP 1.11 http://www.remisiers.org/research//Genting%20Int%20200508%20Macq.pdf |
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cyjjerry85
Elite |
21-May-2008 19:26
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2010...not far away |
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limkt009
Veteran |
21-May-2008 19:00
Yells: "Watch your front, grab $$$$$ at your own time" |
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Malaysian casino operator Genting does not expect further cost over-runs for the integrated resort (IR) it is building on Singapore's resort island of Sentosa, the company's chief executive said on Wednesday.
Resorts World at Sentosa, a wholly owned unit of the Singapore-listed arm, Genting International, is building the IR at a cost of up to $6 billion (US$4.4 billion), about $800 million, or 15 per cent, above its initial budget, due mainly to higher construction expenses. 'At this point, we are staying at $6 billion. Concerns about cost over-runs for the project are unsubstantiated,' Lim Kok Thay, Genting's chairman and CEO, said on the sidelines of a tech conference. 'Costs are under control despite high oil prices,' he added. Genting unveiled the higher price tag for the casino project last November and said it would cover the additional expenses through project financing at the resort level. The raised budget covers the cost of six new attractions as well as improvements to transportation and access infrastructure, with higher building costs accounting for half of the increase. Mr Lim said there was no need to raise any more funds for the project. 'The recent financing we announced has catered for the increase in construction costs. All the financing are in place, there is no need for further financing,' he said. In April, Resorts World at Sentosa said it had obtained a $4 billion syndicated loan to fund the IR project. In December last year, Genting International and sister company Star Cruises won the right to build and operate Singapore's second IR resort. The 49-hectare project will include a Universal Studios theme park, a giant oceanarium with 700,000 aquatic creatures, and six hotels with more than 1,800 rooms. The resort is scheduled to be completed in 2010. Singapore's first IR site, a 20.6-hectare piece of waterfront land at Marina Bay near the financial district, was awarded to Las Vegas Sands in May 2006. The republic legalised casino gaming in 2005 as part of its ambitious plans to double visitor arrivals to 17 million by 2015. |
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AK_Francis
Supreme |
07-Nov-2007 10:13
Yells: "Happy go lucky, cheers." |
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No panic, despite the loses declared. Once the Gambling Licence is announced to GentInt, ha ha, the stock will shoot high. Cheers. |
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Pinnacle
Master |
07-Nov-2007 09:23
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CIMB - Genting (S$0.685) - 3QFY07 results - Impairment hits 3Q, Sentosa cost raised GIL's annualised 9M core net profit was 77% and 62% below ours and consensus full-year estimate. It reported a S$393m net loss in 3Q. As expected, there were no dividends. Topline from its UK operations was hurt by the the UK gaming duty hike and smoking ban, which hurt 3Q margins. Interest expense was significantly higher, while GIL took a S$455m impairment loss for UK assets. Its Sentosa IR project budget is now revised up to S$6bn from S$5.2bn as GIL is enhancing the project's value proposition with a higher-end target. As such, the project IRR of 15% is unchanged. We now expect a large loss for FY07 and revise FY08-09 forecasts 17%-42% lower given to account for higher interest expense and depreciation. Our end-CY08 sum-of-parts RNAV target price is revised to S$0.86 from S$0.89 after taking into account dilution from its 3-for-5 rights issue and factor a 100%-interest in Sentosa. GIL remains a solid play into Singapore?s tourism and gaming potential with the nearer-term catalyst being the growing optimism of its upgraded Sentosa project. Maintain Outperform. |
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Pinnacle
Master |
07-Nov-2007 08:56
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OCBC - Genting International: Revised RWS cost in line with our estimate Unexpected recognition of impairment loss. Genting International Public Ltd (GIL) reported a poor set of 3Q07 results. Revenue fell 7% QoQ to S$178.9m and PATMI fell into the red by over S$390m. The top-line decline was due to the drop in attendance numbers arising from the introduction of indoor smoking ban in the UK. At the bottom-line, this was due to the recognition of goodwill impairment of S$455m from UK Stanley, due to the introduction of higher gaming duties by the UK authority in April 2007. Gross margin also halved sequentially to 8% as the result of lower revenue and increased cost (due to the opening of new casinos in UK). On a positive note, the PATMI loss is purely an accounting loss and not a cash-flow loss. Nevertheless in light of the massive loss recognised, we are revising our forecasts for FY07 from S$51m to -S$362m and FY08 from S$53m to S$57m. RWS cost raised to S$6.0b in line with our estimate. In our Sept report, we articulated that Resort World at Sentosa (RWS) total project cost had to rise from S$5.2b to S$6.3b due to construction cost inflation. In the current results, GIL has indeed revised up its RWS budget to S$6.0b. Even though GIL's revised budget is still lower than our estimate, we will keep our projection for now as we continue to see inflationary pressure in Singapore. Future funding likely to be debt. . For the financing of RWS, GIL has so far raised S$3.0b from equity. It needs a further S$3.3b, which we expect to come from debt financing. This would be in line with management's indication that the project would be funded on a 30% equity and 70% debt basis. Shareholders will thus not be expected to make any more cash injection. Maintain BUY. The investment case for GIL has always been its future earnings potential and not its existing assets; specifically RWS earnings and on GIL's ability to win more casino concessions. In the UK, there are 16 casino licenses to be awarded; GIL has won 5 of the 9 that it had applied for. Furthermore, GIL is likely to benefit from the gaming liberalisation in ASEAN and Japan. As for the higher construction costs, we have already factored that in our fair value downward revision to S$0.76 per share in Sept. With over 10% upside potential, we maintain our BUY. |
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Pinnacle
Master |
06-Nov-2007 23:20
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Genting reports S$800M cost overrun for S'pore casino SINGAPORE, Nov 6 (Reuters) - Genting International Genting International, a unit of Malaysian casino operator Genting Bhd The new budget for the casino, which includes a contingency provision of S$250 million, also covers the cost of six new attractions as well as improvements to transportation and access infrastructure, Genting International said in a statement. The higher cost of construction accounted for about half the increase in budgeted expenses, Genting International Managing Director Justin Tan said during a telephone conference. The company will cover the additional expenses through project financing at the resort level. "We do not have any plans to go to shareholders for money," he said. Genting International earlier this year raised S$2.17 billion from shareholders via a rights share issue. Genting International on Tuesday also reported a loss of S$393.4 million for the three months ended September 30, reversing from a net profit of S$86.9 million a year earlier. The loss was mainly due to an impairment loss on intangible assets of S$454.6 million. BOOM Singapore is currently undergoing a construction boom due to the award of several large projects such as a new financial centre, the two casino resorts and several shopping malls. Many apartments complexes in the city-centre are also being torn down to make way for taller and more densely built developments. Genting International and sister company Star Cruises Called Resorts World at Sentosa, the 49-hectare project will include a Universal Studios theme park, a giant oceanarium with 700,000 aquatic creatures, and six hotels with more than 1,800 rooms. The resort is scheduled to be completed in 2010. Singapore's first casino site, a 20.6-hectare piece of waterfront land at Marina Bay near the financial district, was awarded to Las Vegas Sands Singapore legalised casino gaming in 2005 as part of ambitious plans to double visitor arrivals to 17 million by 2015. |
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