`


THERE IS NO GOD EXCEPT ALLAH
read:
MALAYSIA Tanah Tumpah Darahku

LOVE MALAYSIA!!!


 


Thursday, October 21, 2010

Genting Malaysia to build London casino


Genting - the pride of Prime Mnister Najib Razak's Pahang state
KUALA LUMPUR — Genting Malaysia Bhd. said Wednesday it plans to form a joint venture with a privately held U.K. company to develop a large casino and entertainment complex at one of the sites for the 2012 London Olympic Games, as it seeks to tap into the demand for leisure activities during one of the world's largest sporting events.

Malaysia's sole casino operator, which recently acquired 44 U.K. casino properties from Genting Singapore PLC in a £340 million deal, said it intends to operate a new "large" casino in the docklands area of Newham if granted a license.

Under a joint venture agreement with Apollo Resorts & Leisure Ltd., the parties plan to lease or acquire land in Newham—one of the sites for the 2012 London Olympics—to develop it, Genting Malaysia said.

Both Genting and Apollo will hold a 50% equity interest in the joint venture with each party initially contributing GPB2.95 million to the venture.

Genting Malaysia said it expects to fund its investment in the joint venture through both internally-generated as well as externally-raised funding.

Apollo will also apply for the license to operate a casino in the area, after which the license will be transferred to Genting Casinos UK Ltd., a unit of Genting Malaysia, for £5 million, if Apollo's bid is successful.

"It is intended for Genting Casinos to be the sole owner and operator of the casino," Genting Malaysia said.

Currently, the London Borough of Newham is tendering a single "large" casino premises licence for which both Apollo and Genting Casinos have made applications in the first of a two-stage process.

"Pursuant to the casino agreement, Genting Casinos and Apollo have agreed to work together for Apollo to submit the Stage 2 Apollo application. It is also agreed that the Genting application will not be submitted for Stage 2," Genting Malaysia said.

The second stage application is due for submission in November and the outcome is expected in February 2011, the company added. If successful, construction of the casino will begin in the third quarter of 2012 with a planned opening in 2013.

Genting Malaysia said the collaboration with Apollo to develop the docklands site will proceed "irrespective of the success of the Apollo application for the [casino] license."

"With preparations for the 2012 London Olympics expected to intensify, the JV company aims to exploit the Olympic Festival Village opportunity. If approved, the Olympic Festival Village is planned to be constructed and operational by summer 2012," the company said.

The complex to be developed by the joint venture is expected to be a part of the Olympic Festival Village at Newham. - WSJ

3 comments:

  1. Malaysia online casino are the perfect place to enjoy, whether anyone else for a few days or for a few hours, there is casino tour packages also available.

    ReplyDelete
  2. Malaysia online casino are the perfect place to enjoy and get extra bonus. So come fast and try your luck.

    ReplyDelete
  3. Excellent casino related information. Casino now is very popular in many countries though the it's origin in Malaysia. Reading this article I was glad to have known that it's going to open new venture in London. This is really a great achievement as many guys in the world have taken it as their basic profession. In Korea this money making and recreational game also very popular too. I can mention a popular site 우리카지노. May be this is what someone is trying to find out for long.

    ReplyDelete

Note: Only a member of this blog may post a comment.