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SINGAPORE : Star Cruises is continuing to review a deal with Macau gaming tycoon Stanley Ho and has asked for more time before sending a circular to shareholders about the deal, the firm said Thursday.
The statement to the Singapore Exchange came as Star's sister company, Genting International, said it would apply for a Singapore gaming licence once it has fulfilled requirements outlined by the government.
Singapore authorities are seeking clarification from Genting and Star Cruises about their deal with Ho which would give him and a group of investors a 6.99 percent stake in the cruise firm.
In return, Star Cruises and Genting International - both part of the Malaysian gaming conglomerate Genting Group - were to get stakes in a new boutique hotel and casino to be operated by Ho's Sociedad de Jogos de Macau.
"The company is continuing its review of the structure in relation to its investment" in Macau, Star Cruises said in its notice, which asked until March 31, an extension from an earlier Wednesday deadline, to send a circular about the deal to shareholders as required by listing rules.
Star Cruises and Genting International are partners in the Resorts World at Sentosa project to build a casino and entertainment complex on Singapore's Sentosa island.
Tan Hee Teck, chief executive officer of Resorts World, said the company intends to apply for the Singapore gaming licence once it has fulfilled government requirements that at least 50 percent of the resort's gross floor area has been completed and half of the development investment has been spent.
"We will apply for the licence at that point," he said at a press conference where the company signed a development agreement with the government agency that manages and promotes Sentosa.
Under the agreement, they can proceed with building of the S$5.2 billion (US$3.4 billion) project.
But the Casino Regulation Division of the Ministry of Home Affairs said this week that Genting and Star Cruises are not guaranteed a casino licence.
It said the Ministry of Home Affairs had told Genting-Star it would conduct checks "to ensure that the consortium meets the suitability requirements" before a licence is issued. - AFP/ch
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