FIRST, there was one for Bintan. Now, a second integrated resort will be built in the Riau islands close to Singapore — this one on Batam.
The Jakarta Post has reported that a 15-hectare integrated tourism and business resort that is worth 1.5 trillion rupiah($193 million) will be completed in 2011, with construction set to begin next month.
According to the company behind the project, PT Grand Uway Development, the tourism development will have an international water park, a condominium hotel and a convention centre with capacity for 6,000 people.
The resort is considerably smaller than the 49-hectare Resorts World at Sentosa being built by Genting International, which will also have a water park with rides, but appears to be pitched for the Meetings,Incentive, Convention and Exhibition (Mice) trade that the Marina Bay Sands in Singapore is targeting.
According to the Jakarta Post, Indonesia’s Culture and Tourism Ministry has designated Batam as the Mice city.
In comparison, the Sands is situated on a 20.6-hectare site with a convention area that can host 45,000 people.
Talk of competition for Singapore’s IRs from Bintan and Batam began after the authorities here awarded two licences in 2005. Malaysian developer Landmarks, whose biggest shareholder is Genting, is already building Bintan Treasure Bay, a huge 343-hectare IR.
But while the Bintan IR is still seeking approval for a casino element, there was no mention of gambling at the latest one in Batam, which will be located in the Batam Center area and will be run by international property management Aston International, the Jakarta Post reported.
Source
Showing posts with label Landmarks Berhad. Show all posts
Showing posts with label Landmarks Berhad. Show all posts
Thursday, March 12, 2009
Saturday, May 10, 2008
Monday, May 5, 2008
印尼设赌场未明朗 龙马仍三缄其口
（吉隆坡25日讯）龙马有限公司（LANDMRK，1643，主板酒店组）仍对它是否已获得印尼当局发出博彩执照，在印尼岸外民丹岛经营赌场一事三缄其口。
虽然如此，该公司股东们已在特别大会上，批准建议中收购民丹岛休闲湾私人有限公司其余26%股权，后者正发展预定将兴建一个综合渡假村兼赌场的休闲湾。
民丹岛休闲湾副首席营运员梁保罗（译音）告诉记者，龙马了解投资者关注上述博彩执照问题，不过现在还不是时候作出澄清。
询及若民丹岛休闲湾是否已正式获颁博彩执照时，他说：“我还不能透露。我即将对此作出公布。我必须与董事部和当局洽谈。我们将尽快发表一项声明。”
上述休闲湾计划的工程，除上述综合渡假村外，也包括一个城市中心、文化村、别墅和共管公寓，将耗时8年直到2015年。
加入上述综合渡假村，整项发展将耗资96亿令吉总发展值，以及45亿令吉总发展成本。
Source
虽然如此，该公司股东们已在特别大会上，批准建议中收购民丹岛休闲湾私人有限公司其余26%股权，后者正发展预定将兴建一个综合渡假村兼赌场的休闲湾。
民丹岛休闲湾副首席营运员梁保罗（译音）告诉记者，龙马了解投资者关注上述博彩执照问题，不过现在还不是时候作出澄清。
询及若民丹岛休闲湾是否已正式获颁博彩执照时，他说：“我还不能透露。我即将对此作出公布。我必须与董事部和当局洽谈。我们将尽快发表一项声明。”
上述休闲湾计划的工程，除上述综合渡假村外，也包括一个城市中心、文化村、别墅和共管公寓，将耗时8年直到2015年。
加入上述综合渡假村，整项发展将耗资96亿令吉总发展值，以及45亿令吉总发展成本。
Source
Bintan casino plan waiting for a green light from Jakarta
Fadli, The Jakarta Post, Batam
A plan to create a legal gambling zone in the Lagoi integrated exclusive tourist area in Bintan, Riau Islands province, is still awaiting approval from the central government, an official says.
Bintan Deputy Regent Mastur Taher said on Tuesday a regional regulation designed to legalize gambling in Bintan had been handed over to the Bintan Legislative Council in September 2007.
"It is up to the Bintan regency legislature to endorse the bill," he said.
Malaysia's Landmarks Bhd., backed by Asia's largest gambling company, hopes to build Indonesia's first legalized casinos in a $3.1 billion resort project to compete with Las Vegas Sands Corp. in Singapore.
"The objective is to develop a new destination for Indonesia," Chief Operating Officer Lim Boon Soon said in an interview in Kuala Lumpur. The gaming element "will accelerate the whole integrated development in Bintan," according to Bloomberg.
The planned casinos in Bintan will compete with gaming resorts that Las Vegas Sands and Genting Bhd., Landmarks's biggest shareholder, are racing to build in Singapore, which is a 55-minute ferry ride away.
Mastur said local authorities feared the casino center would have an adverse effect on local moral standards.
The 23,000 hectares special resort was inaugurated in 1996 to attract foreign tourists, especially from Southeast Asian countries and has so far attracted seven investors, including Banyan Tree, Bintan Lagoon and Club Med Ria.
Foreign visitors to the resort increased from 330,000 in 2006 to 370,000 in 2007 and the number is expected to double in the coming years.
The secretary of the regency legislature's special committee handling the development, Timbul Sianturi, said the regency legislative council was still collecting information and consulting with the central government and the local people on the resort's fate.
"The special integrated tourist resort bill, which allows electronic and non-electronic sport games (or gambling), has raised a wide public controversy, and that is why we are still awaiting considerations from the central government and the public," he said.
Timbul, a councillor of the Golkar Party, said the four-member faction of the Prosperous Justice Party (PKS) opposed the bill, while 21 other councillors of Golkar, the Indonesian Democratic Party of Struggle (PDI Perjuangan) and the United Development Party (PPP) were still taking a "wait and see" stance.
He said it was time for Indonesia to take financial advantage of competition between Malaysia and Singapore in the gambling business, which attracts many Indonesians, especially to the Genting Highlands gambling district in Malaysia.
Chief spokesman for the Riau Islands provincial government Irmansyah said the governor and the Bintan regent had met with the director general of regional development affairs at the Home Ministry to discuss the bill but had yet to reach a decision.
The local chapter of the Indonesian Ulema Association has decried the bill, sparking similar strong support from locals.
"We support development, but not gambling. It will likely generate jobs but will damage local morality," he said.
Source
A plan to create a legal gambling zone in the Lagoi integrated exclusive tourist area in Bintan, Riau Islands province, is still awaiting approval from the central government, an official says.
Bintan Deputy Regent Mastur Taher said on Tuesday a regional regulation designed to legalize gambling in Bintan had been handed over to the Bintan Legislative Council in September 2007.
"It is up to the Bintan regency legislature to endorse the bill," he said.
Malaysia's Landmarks Bhd., backed by Asia's largest gambling company, hopes to build Indonesia's first legalized casinos in a $3.1 billion resort project to compete with Las Vegas Sands Corp. in Singapore.
"The objective is to develop a new destination for Indonesia," Chief Operating Officer Lim Boon Soon said in an interview in Kuala Lumpur. The gaming element "will accelerate the whole integrated development in Bintan," according to Bloomberg.
The planned casinos in Bintan will compete with gaming resorts that Las Vegas Sands and Genting Bhd., Landmarks's biggest shareholder, are racing to build in Singapore, which is a 55-minute ferry ride away.
Mastur said local authorities feared the casino center would have an adverse effect on local moral standards.
The 23,000 hectares special resort was inaugurated in 1996 to attract foreign tourists, especially from Southeast Asian countries and has so far attracted seven investors, including Banyan Tree, Bintan Lagoon and Club Med Ria.
Foreign visitors to the resort increased from 330,000 in 2006 to 370,000 in 2007 and the number is expected to double in the coming years.
The secretary of the regency legislature's special committee handling the development, Timbul Sianturi, said the regency legislative council was still collecting information and consulting with the central government and the local people on the resort's fate.
"The special integrated tourist resort bill, which allows electronic and non-electronic sport games (or gambling), has raised a wide public controversy, and that is why we are still awaiting considerations from the central government and the public," he said.
Timbul, a councillor of the Golkar Party, said the four-member faction of the Prosperous Justice Party (PKS) opposed the bill, while 21 other councillors of Golkar, the Indonesian Democratic Party of Struggle (PDI Perjuangan) and the United Development Party (PPP) were still taking a "wait and see" stance.
He said it was time for Indonesia to take financial advantage of competition between Malaysia and Singapore in the gambling business, which attracts many Indonesians, especially to the Genting Highlands gambling district in Malaysia.
Chief spokesman for the Riau Islands provincial government Irmansyah said the governor and the Bintan regent had met with the director general of regional development affairs at the Home Ministry to discuss the bill but had yet to reach a decision.
The local chapter of the Indonesian Ulema Association has decried the bill, sparking similar strong support from locals.
"We support development, but not gambling. It will likely generate jobs but will damage local morality," he said.
Source
Wednesday, April 16, 2008
龍馬有信心獲建印尼首個合法賭場
（吉隆坡16日訊）雲頂（GENTING，3182，主板貿易）持股30%的龍馬（LANDMRK，1643，主板旅店），展望在印尼總值31億美元（約98億令吉）的度假村計劃內，興建當地首個合法賭場。
龍馬總營運長林文順接受《彭博社》訪問時指出，設立賭場“旨在為印尼打造新景點”。
他說，博彩元素將加速印尼民丹的綜合發展。
上述賭場將與新加坡的拉斯維加斯金沙集團，以及雲頂的新加坡賭場度假村競爭。
僑豐投資研究分析員黃德強指出，儘管存在執行風險，但上述計劃可行。
他也認為，由于大馬及新加坡皆有賭場，因此競爭將很嚴峻。
根據普華永道數據，亞太區博彩市場可能每年增長16%，2011年達303億美元（約960億令吉）。
林文順說，公司計劃掌握新加坡旅客人數增長的外溢效應，展望每年吸引300萬名訪客到民丹，比現有的37萬人增長8倍。
需時8年
龍馬股項今日表現亮眼，盤中攀升13仙或5.4%，報2.52令吉，並進入10大上升榜。雲頂則是4天內首次走高，盤中上揚10仙或1.6%，報6.45令吉。
龍馬在印尼的發展計劃總值31億美元，將建有5座度假村、高級住宅及別墅等。
不過，報導指出，在印尼開設賭場，可能遭當地政治界反對。
另外，林文順指出，龍馬將以8年時間興建度假村，發展成本達20億新元（約63.4億令吉）。
龍馬計劃出售5個綜合度假村地段，每地段佔地約25公頃，包括賭場。
他說，放眼年底前售出至少兩塊地段，並可能保留其中一塊地段及管理一間酒店和賭場，以取得經常收入。
Source
龍馬總營運長林文順接受《彭博社》訪問時指出，設立賭場“旨在為印尼打造新景點”。
他說，博彩元素將加速印尼民丹的綜合發展。
上述賭場將與新加坡的拉斯維加斯金沙集團，以及雲頂的新加坡賭場度假村競爭。
僑豐投資研究分析員黃德強指出，儘管存在執行風險，但上述計劃可行。
他也認為，由于大馬及新加坡皆有賭場，因此競爭將很嚴峻。
根據普華永道數據，亞太區博彩市場可能每年增長16%，2011年達303億美元（約960億令吉）。
林文順說，公司計劃掌握新加坡旅客人數增長的外溢效應，展望每年吸引300萬名訪客到民丹，比現有的37萬人增長8倍。
需時8年
龍馬股項今日表現亮眼，盤中攀升13仙或5.4%，報2.52令吉，並進入10大上升榜。雲頂則是4天內首次走高，盤中上揚10仙或1.6%，報6.45令吉。
龍馬在印尼的發展計劃總值31億美元，將建有5座度假村、高級住宅及別墅等。
不過，報導指出，在印尼開設賭場，可能遭當地政治界反對。
另外，林文順指出，龍馬將以8年時間興建度假村，發展成本達20億新元（約63.4億令吉）。
龍馬計劃出售5個綜合度假村地段，每地段佔地約25公頃，包括賭場。
他說，放眼年底前售出至少兩塊地段，並可能保留其中一塊地段及管理一間酒店和賭場，以取得經常收入。
Source
Landmarks Plans Indonesia's First Casinos in Bintan
April 16 (Bloomberg) -- Malaysia's Landmarks Bhd., backed by Asia's largest gambling company, hopes to build Indonesia's first legalized casinos in a $3.1 billion resort project to compete with Las Vegas Sands Corp. in Singapore.
The ``objective is to develop a new destination for Indonesia,'' Chief Operating Officer Lim Boon Soon said in an interview in Kuala Lumpur. The gaming element ``will accelerate the whole integrated development in Bintan,'' an island in Indonesia, which has the world's largest Muslim population.
The planned casinos in Bintan will compete with gaming resorts that Las Vegas Sands and Genting Bhd., Landmarks's biggest shareholder, are racing to build in Singapore, which is a 55-minute ferry ride away. The regulated gambling market in the Asia-Pacific region may expand 16 percent a year to $30.3 billion in 2011, according to PricewaterhouseCoopers LLP.
``It could work, though the execution risks are there,'' said Keith Wee, an analyst at OSK Research Sdn. With casinos in Malaysia as well as Singapore, ``competition will be tough.''
Singapore plans to double the number of overseas visitors to 17 million annually and triple tourism receipts to S$30 billion ($22 billion) by 2015. The island-nation ended a four- decade ban on casinos in 2005 amid surging gambling revenue in the Chinese city of Macau.
Landmarks aims to capture the spillover from Singapore, targeting about 3 million visitors a year to Bintan, eight times more than the 370,000 tourists now, Lim said.
Shares Climb
Landmarks climbed 2.5 percent to close at 2.45 ringgit in Kuala Lumpur, the highest level since March 27. It earlier rose 5.4 percent. Genting was unchanged at 6.35 ringgit after gaining 2.4 percent.
Bintan, the largest island in the Riau archipelago of Indonesia in the South China Sea, is being developed into one of Asia's biggest holiday resorts by the governments of Indonesia and Singapore and a group of companies.
Resorts there include the Banyan Tree Bintan, Bintan Lagoon Resort and Club Med Ria.
Occupancy rates for resorts in Bintan climbed to 61.4 percent last year from 54.9 percent in 2006, according to the Web site of Bintan Resorts International Pte, the marketing consultant for resorts in Bintan. There are more than 1,300 hotel rooms in the island, it said.
Landmarks's project, which will be valued at S$4.2 billion ($3.1 billion), will have as many as five resorts, condominiums, villas, health spas and water canals, Lim said in an interview yesterday. ``Five years down the road, having a casino won't be special.''
`Gambling Is Banned'
The casinos may be opposed by local politicians. ``The plan to build casinos uses a newly issued regional regulation,'' said Ferry Mursidan Baldan, a member of the Indonesian parliament's domestic and regional affairs commission. ``This is a problem'' because ``the national law says that gambling is banned.''
Should gambling be legalized in Bintan, ``then other regions would follow suit,'' he said. ``This we don't want to happen.''
Landmarks will build the resorts over eight years at a development cost of S$2 billion. The company plans to sell five so-called integrated resort lots of about 25 hectares (62 acres) each to investors, Lim said. Each of them comes with a ``casino offering,'' he said.
The company, based in Kuala Lumpur, agreed in February to buy the 26 percent it doesn't already own in Bintan Treasure Bay Pte, which owns 338 hectares of land in Bintan that's being developed into an integrated resort called Treasure Bay, for S$157 million in cash.
Not Just Casinos
Part of the land for Landmarks's project has been designated for activities such as gaming and medical tourism to help boost the development potential of Treasure Bay, it said in January. The statement didn't mention casinos. Treasure Bay will have other facilities apart from casinos, Lim said. The floor area for gambling will be ``minimal,'' he said.
The casino license is held by PT Wisata Hiburia, an Indonesian entity. ``In the zoning agreement, they are the ultimate approving party as to which operators they want,'' Lim said.
Landmarks aims to sell at least two lots by the end of the year. It may retain one and manage a hotel with a casino to provide recurring income, he said. It also may sell private homes, including 120 villa units and 4,000 ``high-end'' condominium units, and retain ownership of stores in the town center for rental income, he said.
``We have not really finalized the terms and conditions of the gaming business, so our priority is to get the land ready,'' Lim said. The project will create as many as 30,000 jobs in Bintan, he said.
Genting, which is opening a S$5.75 billion casino-resort on the Singapore island of Sentosa in 2010, owns 30 percent of Landmarks.
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net
Source
The ``objective is to develop a new destination for Indonesia,'' Chief Operating Officer Lim Boon Soon said in an interview in Kuala Lumpur. The gaming element ``will accelerate the whole integrated development in Bintan,'' an island in Indonesia, which has the world's largest Muslim population.
The planned casinos in Bintan will compete with gaming resorts that Las Vegas Sands and Genting Bhd., Landmarks's biggest shareholder, are racing to build in Singapore, which is a 55-minute ferry ride away. The regulated gambling market in the Asia-Pacific region may expand 16 percent a year to $30.3 billion in 2011, according to PricewaterhouseCoopers LLP.
``It could work, though the execution risks are there,'' said Keith Wee, an analyst at OSK Research Sdn. With casinos in Malaysia as well as Singapore, ``competition will be tough.''
Singapore plans to double the number of overseas visitors to 17 million annually and triple tourism receipts to S$30 billion ($22 billion) by 2015. The island-nation ended a four- decade ban on casinos in 2005 amid surging gambling revenue in the Chinese city of Macau.
Landmarks aims to capture the spillover from Singapore, targeting about 3 million visitors a year to Bintan, eight times more than the 370,000 tourists now, Lim said.
Shares Climb
Landmarks climbed 2.5 percent to close at 2.45 ringgit in Kuala Lumpur, the highest level since March 27. It earlier rose 5.4 percent. Genting was unchanged at 6.35 ringgit after gaining 2.4 percent.
Bintan, the largest island in the Riau archipelago of Indonesia in the South China Sea, is being developed into one of Asia's biggest holiday resorts by the governments of Indonesia and Singapore and a group of companies.
Resorts there include the Banyan Tree Bintan, Bintan Lagoon Resort and Club Med Ria.
Occupancy rates for resorts in Bintan climbed to 61.4 percent last year from 54.9 percent in 2006, according to the Web site of Bintan Resorts International Pte, the marketing consultant for resorts in Bintan. There are more than 1,300 hotel rooms in the island, it said.
Landmarks's project, which will be valued at S$4.2 billion ($3.1 billion), will have as many as five resorts, condominiums, villas, health spas and water canals, Lim said in an interview yesterday. ``Five years down the road, having a casino won't be special.''
`Gambling Is Banned'
The casinos may be opposed by local politicians. ``The plan to build casinos uses a newly issued regional regulation,'' said Ferry Mursidan Baldan, a member of the Indonesian parliament's domestic and regional affairs commission. ``This is a problem'' because ``the national law says that gambling is banned.''
Should gambling be legalized in Bintan, ``then other regions would follow suit,'' he said. ``This we don't want to happen.''
Landmarks will build the resorts over eight years at a development cost of S$2 billion. The company plans to sell five so-called integrated resort lots of about 25 hectares (62 acres) each to investors, Lim said. Each of them comes with a ``casino offering,'' he said.
The company, based in Kuala Lumpur, agreed in February to buy the 26 percent it doesn't already own in Bintan Treasure Bay Pte, which owns 338 hectares of land in Bintan that's being developed into an integrated resort called Treasure Bay, for S$157 million in cash.
Not Just Casinos
Part of the land for Landmarks's project has been designated for activities such as gaming and medical tourism to help boost the development potential of Treasure Bay, it said in January. The statement didn't mention casinos. Treasure Bay will have other facilities apart from casinos, Lim said. The floor area for gambling will be ``minimal,'' he said.
The casino license is held by PT Wisata Hiburia, an Indonesian entity. ``In the zoning agreement, they are the ultimate approving party as to which operators they want,'' Lim said.
Landmarks aims to sell at least two lots by the end of the year. It may retain one and manage a hotel with a casino to provide recurring income, he said. It also may sell private homes, including 120 villa units and 4,000 ``high-end'' condominium units, and retain ownership of stores in the town center for rental income, he said.
``We have not really finalized the terms and conditions of the gaming business, so our priority is to get the land ready,'' Lim said. The project will create as many as 30,000 jobs in Bintan, he said.
Genting, which is opening a S$5.75 billion casino-resort on the Singapore island of Sentosa in 2010, owns 30 percent of Landmarks.
To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net
Source
Monday, January 28, 2008
Genting to gain from Landmarks’ gaming foray
KUALA LUMPUR: Landmarks Bhd’s possible venture into gaming operations in Indonesia’s Bintan Island has put its parent Genting Bhd in the spotlight as analysts believe it would enable the latter to expand its clientele base amid a wider regional presence.
Moreover, the presence of a gaming unit within Landmarks’ RM4.07 billion “Bintan Treasure Bay” mixed development in Bintan Island’s Treasure Bay enclave is also seen as a catalyst for potential upsides in the value of real estates in the integrated resort, analysts said.
Speaking to The Edge Financial Daily, a Landmarks official said the company would study the feasibility of running a gaming unit in Bintan after the green light from the Indonesian authorities.
“We are still deliberating on the gaming business, which will be Landmarks’ first,” the official said.
The Edge Financial Daily reported last Friday that Landmarks had received consent from the Indonesian authorities to undertake gaming business in Treasure Bay following the zoning of the enclave as an exclusive integrated tourism zone (EITZ).
Treasure Bay’s new status follows an agreement between Landmarks’ 74%-owned Bintan Treasure Bay Pte Ltd (BTB) and Indonesia-based PT Wisata Hiburia (PTWH) for the zoning of 3.4 million square metres of leasehold land belonging to BTB subsidiary PT Pelangi Bintan Indah.
The deal also allows Landmarks to conduct other businesses including medical tourism, besides multimedia and information technology hosting, Landmarks told Bursa Malaysia last week. BTB is undertaking the development of integrated resorts (IR), commercial and residential properties at Treasure Bay.
The zoning fee payable by BTB to PTWH for designating the proposed development as an EITZ will be based on 10% of the net profit on the sale of the proposed IR development.
OSK Investment Bank said: “It is a good thing for Genting as it can diversify geographically, and have a bigger captive market to cross-sell its products.” Genting via wholly-owned Phoenix Spectrum Sdn Bhd holds a 30.31% stake in Landmarks.
CIMB Research, meanwhile, said the inclusion of Landmark’s gaming business was positive for Genting as the resort and casino operator would have key interests in three gaming licences within Southeast Asia, one each in Malaysia, Singapore and Indonesia.
“This cements Genting’s position as the leading gaming player within the region,” CIMB said in a note last Friday.
CIMB, which maintains an outperform on Genting, with a target price of RM11, added that the fact that Landmarks had also obtained approval for other businesses, apart from gaming, also significantly enhances the viability and value of its Treasure Bay project.
The RM4.07 billion Bintan Treasure Bay aims to capitalise on the anticipated increase in tourist arrivals and rising affluence in the region, according to Landmarks filings to the exchange in December 2006.
Landmarks had in October 2007 signed a memorandum of understanding with China Metallurgical Group Corporation as initial arrangements for the possible appointment of the Chinese entity as the main contractor for the project.
Construction of Bintan Treasure Bay is expected to start in the second half of 2008, and due for completion within eight years.
Source
Moreover, the presence of a gaming unit within Landmarks’ RM4.07 billion “Bintan Treasure Bay” mixed development in Bintan Island’s Treasure Bay enclave is also seen as a catalyst for potential upsides in the value of real estates in the integrated resort, analysts said.
Speaking to The Edge Financial Daily, a Landmarks official said the company would study the feasibility of running a gaming unit in Bintan after the green light from the Indonesian authorities.
“We are still deliberating on the gaming business, which will be Landmarks’ first,” the official said.
The Edge Financial Daily reported last Friday that Landmarks had received consent from the Indonesian authorities to undertake gaming business in Treasure Bay following the zoning of the enclave as an exclusive integrated tourism zone (EITZ).
Treasure Bay’s new status follows an agreement between Landmarks’ 74%-owned Bintan Treasure Bay Pte Ltd (BTB) and Indonesia-based PT Wisata Hiburia (PTWH) for the zoning of 3.4 million square metres of leasehold land belonging to BTB subsidiary PT Pelangi Bintan Indah.
The deal also allows Landmarks to conduct other businesses including medical tourism, besides multimedia and information technology hosting, Landmarks told Bursa Malaysia last week. BTB is undertaking the development of integrated resorts (IR), commercial and residential properties at Treasure Bay.
The zoning fee payable by BTB to PTWH for designating the proposed development as an EITZ will be based on 10% of the net profit on the sale of the proposed IR development.
OSK Investment Bank said: “It is a good thing for Genting as it can diversify geographically, and have a bigger captive market to cross-sell its products.” Genting via wholly-owned Phoenix Spectrum Sdn Bhd holds a 30.31% stake in Landmarks.
CIMB Research, meanwhile, said the inclusion of Landmark’s gaming business was positive for Genting as the resort and casino operator would have key interests in three gaming licences within Southeast Asia, one each in Malaysia, Singapore and Indonesia.
“This cements Genting’s position as the leading gaming player within the region,” CIMB said in a note last Friday.
CIMB, which maintains an outperform on Genting, with a target price of RM11, added that the fact that Landmarks had also obtained approval for other businesses, apart from gaming, also significantly enhances the viability and value of its Treasure Bay project.
The RM4.07 billion Bintan Treasure Bay aims to capitalise on the anticipated increase in tourist arrivals and rising affluence in the region, according to Landmarks filings to the exchange in December 2006.
Landmarks had in October 2007 signed a memorandum of understanding with China Metallurgical Group Corporation as initial arrangements for the possible appointment of the Chinese entity as the main contractor for the project.
Construction of Bintan Treasure Bay is expected to start in the second half of 2008, and due for completion within eight years.
Source
Saturday, January 26, 2008
Bintan's game - Landmarks to open integrated project with casino on Bintan
Bintan's game Landmarks to open integrated project with casino on Bintan
Tan Hui Lenghuileng@mediacorp.com.sg
Soon there will be more options for gaming in the region, with Malaysia-based Landmarks developing an integrated project with casino on the Indonesian island of Bintan, less than an hour's ferry ride from Singapore.
Landmarks is 30.3-per-cent owned by Genting, which is also developing the integrated resort with casino on Sentosa, expected to open for business in 2010, a year after the Marina Bay Sands.
Genting officials declined to comment on the Landmarks development.
In its statement to the Malaysian stock exchange, Landmarks said that its subsidiary, Bintan Treasure Bay, had signed an agreement for the zoning of its site for gaming, medical tourism and technology hosting. Buoyed by the news of the agreement, Landmark shares rose 22 sen ($0.10), or 7.4 per cent, to RM3.18 on Bursa Malaysia yesterday, valuing the property group at slightly over RM1.5 billion.
Landmarks said the zoning and collaboration with a company incorporated in Indonesia "will greatly enhance the development potential of Treasure Bay, Bintan, as a leading tourism destination in the region." Landmarks had been in talks with the island's authorities to legalise gambling. It is estimated that the gaming industry could raise the island's annual income tenfold to US$132 million ($187.7 million).
Located in the Lagoi area of the island, the Bintan Treasure Bay site occupies 342 hectares. The project, which should be fully developed in eight years, will comprise 13 lots of estate island villas; 745 units of luxury island and deluxe villas with berthing facilities; 1,700 units of marina and hillside condominiums; commercial shop lots; and a six-star resort and wellness centre.
Source
Tan Hui Lenghuileng@mediacorp.com.sg
Soon there will be more options for gaming in the region, with Malaysia-based Landmarks developing an integrated project with casino on the Indonesian island of Bintan, less than an hour's ferry ride from Singapore.
Landmarks is 30.3-per-cent owned by Genting, which is also developing the integrated resort with casino on Sentosa, expected to open for business in 2010, a year after the Marina Bay Sands.
Genting officials declined to comment on the Landmarks development.
In its statement to the Malaysian stock exchange, Landmarks said that its subsidiary, Bintan Treasure Bay, had signed an agreement for the zoning of its site for gaming, medical tourism and technology hosting. Buoyed by the news of the agreement, Landmark shares rose 22 sen ($0.10), or 7.4 per cent, to RM3.18 on Bursa Malaysia yesterday, valuing the property group at slightly over RM1.5 billion.
Landmarks said the zoning and collaboration with a company incorporated in Indonesia "will greatly enhance the development potential of Treasure Bay, Bintan, as a leading tourism destination in the region." Landmarks had been in talks with the island's authorities to legalise gambling. It is estimated that the gaming industry could raise the island's annual income tenfold to US$132 million ($187.7 million).
Located in the Lagoi area of the island, the Bintan Treasure Bay site occupies 342 hectares. The project, which should be fully developed in eight years, will comprise 13 lots of estate island villas; 745 units of luxury island and deluxe villas with berthing facilities; 1,700 units of marina and hillside condominiums; commercial shop lots; and a six-star resort and wellness centre.
Source
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