Malaysia's Genting Confirms Bid For Singapore Casino

As reported by the Yahoo Finance

Singapore -Genting Bhd., which runs Malaysia's sole casino, Monday confirmed it was bidding to build Singapore's proposed integrated resort with gaming facilities.

"Genting International PLC and Star Cruises Limited, which are member companies of the Genting Group, have made a joint 50:50 submission in response to the Singapore Tourism Board's Request for Concepts for Integrated Resorts at the Marina Bayfront and the Sentosa sites," the company said in a brief statement.

It didn't give further details.

Genting's 56.8%-owned Resorts World Bhd. holds 34.4% of Star Cruises Ltd., the world's third-biggest cruise operator in capacity terms.

Analysts told Dow Jones Newswires earlier that Genting executives had first mentioned the proposal at an analysts' briefing Saturday.

If Singapore goes ahead with the project, competition will be intense. For instance, U.S. Wynn Resorts Ltd., operator of some of Las Vegas' biggest and most lavish casino resorts, Monday said it submitted a proposal for the resort.

At least five other proposals are expected from a host of foreign and Singapore companies for the resort, which is part of the island state's efforts to boost tourism.

The Sands Regent Announces Acquisition of Depot Casino and Red Hawk Sports Bar in Dayton, NV

RENO, Nevada - The Sands Regent today announced that it has entered into a definitive agreement to purchase two privately held casino properties in Dayton, NV, the Depot Casino and the Red Hawk Sports Bar. Closing of the acquisition is subject to final due diligence and receipt of all necessary regulatory approvals. Management of The Sands Regent expects the sale to close in the summer of 2005.

Under the agreement, the expected purchase price of $10,165,000 will consist of approximately $9.5 million in cash plus approximately $665,000 in shares of The Sands Regent common stock. The final purchase price will be based on the twelve-month financial performance of the Dayton properties prior to closing of the sale on a date as yet unknown. The Depot Casino has approximately 16,000 square feet of restaurant and casino space with 250 slots, two restaurants and two bars. The Red Hawk Sports Bar, across the street from Depot Casino, has 33 slots, a convenience store and a bar. The land to be acquired with the two properties is approximately five acres. Both properties maintain unrestricted gaming licenses.

Dayton is one of the fastest growing communities in the U.S. Located approximately 10 miles east of Carson City, Dayton is the largest town in Lyon County, Nevada's fastest-growing county, which recorded 16.3% growth between 2000 and 2003. Approximately 16,000 new homes are planned for the area over the next eight years.

Ferenc B. Szony, President and Chief Executive Officer of The Sands Regent, commented, "We look forward to working with the great management of these two very strategically located properties. Historic and rapidly growing Dayton is the perfect spot for the next phase of our growth strategy as a regional gaming and entertainment company. We see opportunities to leverage the unrestricted gaming licenses and build on the established customer bases in each location."

Mr. Szony continued, "Since diversifying from our downtown Reno Sands Regency property through the acquisitions of Gold Ranch in 2002 and of Rail City in 2004, our company has experienced tremendous growth, and we look forward to the opportunities that Depot Casino and Red Hawk Sports Bar in nearby Dayton offer us in terms of expansion, cross-marketing and cultivating additional future growth."