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SINGAPORE: Mainboard-listed Genting Singapore said on Tuesday that one of its subsidiaries has been selected as the new operator of a casino in Egypt.
The firm said Genting Casinos, an indirect wholly-owned unit of Genting UK, has entered into a casino concession agreement with Misr Hotels.
Genting UK has been awarded the casino concession for The Nile Ritz Carlton Hotel in Cairo for an initial period of 10 years. It plans to open the new operation under the brand "Crockfords on the Nile".
The move is part of Genting's strategy to expand its casino resort network. It will also strengthen and develop Genting UK's position in the premium market through its key high-end London casino clubs, Crockfords, Colony and Maxims.
The Nile Hotel, located on the banks of the Nile and in the heart of the Egyptian capital of Cairo, will undergo a major refurbishment.
The hotel is considered one of the iconic developments in Cairo which has contributed to the Egyptian travel industry since it first opened in 1958.
Renovation work is expected to be completed in early 2012.
Genting said the Casino concession agreement is not expected to have any material impact on its earnings in the current financial year.
- CNA/yb
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