Bintan's game
Landmarks to open integrated project with casino on Bintan
Tan Hui Leng, Today Online 26 Jan 08;
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.
