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  Business Times 12 Dec 06
Sentosa IR will be top tourism earner: Genting
It expects resort to account for half of S'pore's $30b tourism revenue target by 2015
By Arthur Sim

Today Online 12 Dec 06
Genting's economy boost
Consortium pledges to contract goods and services up to $200m each year from SMEs Jasmine Yin

The Straits Times 12 Dec 06
Genting to keep ticket prices at theme park competitive
By Marcel Lee Pereira

Channel NewsAsia 11 Dec 06
Resorts World at Sentosa to offer S$200m worth of businesses for SMEs
By Wong Siew Ying

SINGAPORE : Resorts World at Sentosa is expected to give Singapore small and medium-sized companies a big lift.

In its first news conference since winning the bid to build Singapore's second integrated resort last Friday, the Genting International-Star Cruises consortium said up to S$200 million (US$120 million) worth of goods and services will be procured from local companies each year.

The $5.2 billion resort is poised to give Singapore's tourism sector a boost. But that's not all. Genting-Star Cruises wants to give Singapore companies a roll of the dice as well, by awarding between $100 million and $200 million worth of projects to them every year, in areas such as hotel supplies, security, laundry and landscaping services.

"We have roped in financial institutions to provide financing support to SMEs interested to provide goods and services to the resort. The financing support will help the SMEs to improve their cashflow, enhance their ability to invest in resources and equipment, and allow them to have access to opportunities presented at the resort," says Tan Hee Teck, Chief Financial Officer of Genting International.

The resort aims to attract 15 million visitors during its first year of operation in 2010 and hopes to breakeven in seven years.

The Genting-Star Cruises group is also planning to woo more tourists from the region with special cruise packages. "If you look at Florida or Disney, as an example, Disney has a very popular package, what they call land and cruise (where you'll have) four days of cruise and four days at Magic Kingdom. We'll be packaging passengers from India where we have home ported ships. And in North Asia, we're primarily targeting the Chinese market," says Lim Kok Thay, chairman of Genting International-Star Cruises.

Genting will also set aside $30 million a year to fund marine biology programmes to promote research and education. These will include field trips for students, internship programmes and placement of over 20 post- graduate students from Singapore in sponsored research fellowship overseas.

Genting says it hopes to work with Marina Bay Sands to provide complimentary offerings. For example, Resorts World at Sentosa will not focus too much on the convention and exhibition component but geared towards providing incentive packages at its attractions like Universal Studios and the Maritime Xperential Museum.

Over the next three months, Genting will be hiring engineers and contractors to work on the project. It expects the three-year construction period to create 22,000 jobs and generate nearly $4 billion of value-add to the Singapore economy. - CNA /ls


Today Online 12 Dec 06
Genting's economy boost
Consortium pledges to contract goods and services up to $200m each year from SMEs Jasmine Yin jasmine@mediacorp.com.sg

Genting chairman Lim Kok Thay (picture) did not swear when he learnt of the success of his company's $5.2 billion bid for the Sentosa integrated resort (IR). "I did not utter an expletive when my project leader (chief financial officer) Tan Hee Teck called me in Hong Kong on Friday to give me the very good news. There was no celebration because I was alone, whereas my team in Kuala Lumpur popped the champagne," a beaming Mr Lim, 54, said yesterday.

He was obviously referring to the expletive that Las Vegas Sands' president William Weidner used upon winning Singapore's first casino licence earlier this year.

After news broke on Friday evening of Genting's win, Mr Lim called up his 88-year-old father, Lim Goh Tong, who founded the Malaysian conglomerate. "What came to my mind was, 'Oh good, at least I don't have to inform my father that we lost'. He was very pleased about it. Even though he is retired, he does keep track of what's happening in the business ... to ensure that we don't over-stretch ourselves or run too fast. Therefore, taking his advice, we will keep our heads down now and make sure that we deliver what we promise here in Singapore."

The consortium expects to generate about $3.9 billion for the economy, when construction for Resorts World at Sentosa gets underway next year until 2009. More than 22,000 jobs will be created during this period throughout the economy, he said.

Genting plans to hire engineers and contractors within the next three months, and its core team soon. It has also pledged to contract between $100 million to $200 million in goods and services — including hotel supplies, security, laundry and landscaping — from Small and Medium Enterprises ( SMEs) each year.

The Singapore-listed firm has also spoken to financial institutions to back interested SMEs that do not have the resources to participate in such a large-scale project. "SMEs sometimes face tight cash flow which can restrict their access to market opportunities and hence their ability to expand. This initiative is our way of supporting local SMEs and nurturing entrepreneurship," Mr Lim said.

Genting may also expand its activities here via its subsidiary, Star Cruises. Star Cruises would "take a serious look at what's going to be on offer", should the Government put out a bid for a new cruise terminal at Marina South, he said.

Genting also plans to allocate up to $30 million a year to support Singapore's quest to be a key centre in the biosciences. This money will be ploughed into internships, outreach programmes for primary and secondary students and used to place 20 or more post-graduate students from Singapore in research fellowship with eminent marine biologists.

Now that the lucrative tender has been snagged, Mr Lim admitted the road ahead will be filled with work — lots of it. In fact, "my team wanted to break the ground this morning", he quipped.

Business Times 12 Dec 06
Sentosa IR will be top tourism earner: Genting
It expects resort to account for half of S'pore's $30b tourism revenue target by 2015
By Arthur Sim

(SINGAPORE) Resorts World at Sentosa will be Singapore's single biggest tourism earner, raking in $ 15 billion by 2015, developer Genting International's chairman Lim Kok Thay said yesterday.

Giving his take on why Genting and sister company Star Cruises won the Sentosa integrated resort ( IR) project, Mr Lim said Resorts World alone will account for half of the $30 billion tourism revenue target set by the Singapore Tourism Board by 2015.

Even before the first attraction opens, Resorts World will add about $3.9 billion of value to Singapore's economy during the three-year construction phase from 2007 to 2009, he said.

Also, more than 22,000 jobs are expected to be created during this phase.

Although Mr Lim would not say when construction will start, he indicated Genting is keen to 'hit the ground running' - which means ground-breaking could happen as early as this month.

Speaking at Genting/Star Cruises's first news conference since they were announced as winners of the Sentosa IR tender on Friday, Mr Lim also said yesterday the partners will rope in financial institutions to provide lending support to local SMEs that want to provide goods and services to Resorts World - and is even prepared to act as guarantor.

'We believe the resort presents an excellent market opportunity for many local SMEs in areas such as sanitation, security, and maintenance,' he said. 'We expect to procure between $100 million to $200 million in goods and services from SMEs each year. This initiative is our way of supporting local SMEs and nurturing entrepreneurship.'

Genting/Star have already approached 'a couple of local banks' as well as US-based GE (General Electric), which owns a majority stake in Resorts World's key attraction - Universal Studios theme parks.

Genting/Star itself will employ some 10,000 people for theme park, resort entertainment and gaming operations. And 75 per cent of these jobs will go to Singaporeans. Mr Lim said recruitment is expected to take place six months before the target opening date in 2010.

Resorts World will give back to the community in other ways too. Quest Marine Life Park, an attraction focusing on marine science and ecological education, will offer annual funding of between $20 million and $30 million for research and environmental programmes, which include sponsoring research fellowships.

Ticket pricing for attractions has not been confirmed yet. Mr Lim said tickets for Universal Studios in the US cost about $80, but the partners are looking at cheaper prices here.

The Genting group is also looking at how it will leverage on its existing network to bring tourists to Singapore. Mr Lim said it will create holiday packages for Indian and Chinese tourists that will include land and sea travel, with the possibility of even more economic spin-offs for Singapore.

'If there is enough demand for a new cruise terminal, Star Cruises will take a serious look,' he said.

The Straits Times 12 Dec 06
Genting to keep ticket prices at theme park competitive
By Marcel Lee Pereira

Fresh from winning the Sentosa integrated resort bid, Genting International yesterday took pains to address concerns that its attractions could be too expensive.

Tickets to the resort's Universal Studios theme park will be priced "much lower" than the ones in the United States, Genting chairman Lim Kok Thay said yesterday. It is too early to specify rates, but Genting will look at similar attractions around the world and set competitive prices.

Over the weekend, Singaporeans were reported in the media as being concerned that the admission charges at Universal Studios Sentosa could be too high. At the Universal Studios in Hollywood, prices start from about US$50 (S$77) per adult.

Visitors to Sentosa, who will pay less, will get their money's worth.

There will be plenty of free shows: from the Crane Ballet, a showcase of choreographed 'dancing' construction cranes, to performances with water, light and visual effects at the 1,700-seat Imagineering theatre.

Apart from the rides, visitors can also visit 'edutainment' centres -- including the Quest Marine Life Park, an 8ha oceanarium, and the Maritime Xperiential Museum, which will focus on Asia's seafaring history.

Genting will put in $20million to $30million a year to fund these attractions, and make the theme park a centre for research and learning in areas such as computer animation, marine biology and genomics.

The programme inclue:

DreamWorks Digital Animation Studio: The 1,400sqm facility will give visitors a peek into how advanced computer animation technology is used in movies today.

Quest Medical and Marine Science Centre: It will focus on marine sciences and ecological education.

Marine biology, veterinary science, engineering and hospitality students will be offered internships and about 20 postgraduate students will be placed in a research fellowship programme with prominent marine biologists. Primary and secondary school students will also be offered lessons and field trips.

Quest Marine Life Park: Apart from housing the medical and marine science centre, it will provide logistics support and funds for a rescue centre and emergency response tream for wild dolphins and other marine animals found stranded, sick or injured in the region.

Marition Xperiential Museum: Leading scientist J. Craig Ventre, who helped decode the humane genome, will set up the Marine Evironmental Genomics Research and Learning Centre here. Young children will get to discover bioscience and genomics hands-on.

Mr Lim is raring to go, and hopes to begin construction on the 49ha Resorts World Sentosa as soon as possible. He expects it to open in phases, with all areas welcoming visitors by 2010.
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