Casino News

Singapore casino speculation 'helps Genting's shares'

2008-06-02 16:18:06

The partial allaying of fears over whether Genting International's latest development in Singapore is to be more expensive than initially thought has boosted the company's share price, it has been reported.

Last week it had been thought that the resort could end up costing more than was initially budgeted, but positive news in recent days has helped stock values to increase, according to Thomson Financial.

Genting International's share prices rose by 5.7 per cent on the Singapore stock exchange.

As part of the Genting Group, the firm is linked to a number of major casinos around the world, including Malaysia's Genting Highlands - the only land-based resort in the entire country.

It is also related to Grosvenor Casinos via the Rank Group, in which Genting Berhad - the investment wing of the Group - owns an 11 per cent stake.

Another Asian gaming giant Guocco recently increased its number of shares in Rank, giving it 12.02 per cent ownership.