Genting Singapore moves one step closer to its US$2.2b Jeju dream

Watch out for some big announcements soon.

According to CIMB, Genting Singapore (GENS) has announced that the conditions precedent for the JV to develop a US$2.2bn integrated resort (IR) on Jeju Island have been met.

This includes government approvals for the venture. CIMB therefore expects some form of official announcement by the Korean government to follow, similar to the Caesar, Lippo and OUE JV in Incheon.

Here's more:

What Happened
GENS has announced that all the conditions precedent for the JV with Landing Int’l to develop and operate a US$2.2bn IR on Jeju Island have been met in order for the deal to move forward.

This includes government approvals for the JV as well as the execution of management agreements between GENS and Landing with regards to gaming operations, the theme park, hotel and residence business.

What We Think
We expect some form of official announcement to follow, similar to the JV between Caesars, Lippo Group and OUE Limited, which received preliminary approvals on 17 Mar from the South Korean Ministry of Culture, Sport and Tourism to develop the first foreign-owned IR and foreigner-only casino in Incheon, South Korea.

GENS’s Jeju JV will be the second foreign-owned IR project in Korea, and a similar endorsement by the Korean government could be a catalyst for GENS’s share price which has remained flat since announcing the JV on 7 Feb. In comparison, Landing’s share price has risen 24%.

The next milestone would be for work to start in June and the JV to spend at least US$300m in capex, marking the first phase of the project before receiving the casino licence. The process is similar to what GENS went through in Singapore.

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