GGRAsia – Genting Singapore sets up new subsidiary in S.Korea

Genting Singapore sets up new subsidiary in S.Korea

Aug 17, 2016 Newsdesk Latest News, Rest of Asia, Singapore, Top of the deck

Casino operator Genting Singapore Plc announced on Tuesday that it has set up a new subsidiary in South Korea. Claremont Co Ltd, held via another unit, will focus on leisure and hospitality activities, said Genting Singapore.

“Claremont’s business objectives will be the provision of support services to leisure and hospitality related businesses, the provision of resource support, and all incidental businesses related to the foregoing objectives,” the parent company stated in a filing.

Genting Singapore – the developer and owner of the Resorts World Sentosa casino resort in Singapore – is currently planning expansion in other regional markets.

The company has a partnership with mainland China real estate developer Landing International Development Ltd to build a US$1.8-billion casino resort on South Korea’s Jeju Island, a property to be named Resorts World Jeju.

In June, Genting Singapore said it would increase the cash contribution in its equity investment in the Jeju casino project. Phase 1 of the scheme is on track for a soft opening in the fourth quarter of 2017, the firm said in its half-year results published on August 4.

Genting Singapore reported a net loss of approximately SGD10.5 million (US$7.8 million) for the second quarter of 2016. It was still an improvement from the SGD16.9-million loss recorded in the prior-year quarter.