Genting to Build $2.2 Billion Casino Resort in South Korea

Genting Singapore Plc, the SEA’s largest casino operator by market value, will develop a casino resort on South Korea’s Jeju island to target Chinese bettors.

The $2.2 billion project will be jointly built with Hong Kong-listed Chinese property company Landing International Development Ltd. (582) and initially target visitors from eastern and northern China. 

Over the past few years, Genting group of companies has been expanding abroad, from the U.S. and the U.K. to Philippines.  Chinese bettors were the main contributors to Macau’s $45.2 billion casino revenue last year and have transformed the city into the world’s largest gambling hub, ahead of the Las Vegas Strip.

“Eastern and Northern China is very close to Jeju Island and it’s roughly about a one-hour flight, which makes so much more sense for people in Beijing, Shanghai or Qingdao to come to Jeju Island than going to Macau,”   Yang Zhihui, chairman of the Chinese company, said at a press conference in Hong Kong yesterday

The Jeju resort will have a total of 800 gaming tables, including 200 catering to the high rollers, Yang said. It will be built on a 2.3-million-square meter site that includes a theme park, a shopping mall, villas and apartments as well as three hotels that will have 2,800 rooms, the executive said.

It would be Landing International’s first casino project. About 4.3 million Chinese tourists visited South Korea in 2013, an increase of 53 percent from the year before, and more than one-third of the country’s total, according to data from Korea Tourism Organization.

SembCorp extended its wastewater treatment business to Caofeidian Chemical Industrial Park in Hebei province, China.

SembCorp will be developing a new industrial wastewater treatment plant in the Caofeidian Chemical Industrial Park in Hebei province, China. 

Through its wholly-owned subsidiary, Sembcorp (China) Holding Co, the company has entered into an agreement to set up an 80-20 joint venture with Tangshan Caofeidian Yongtai Industry Co, a wholly-owned entity of the Caofeidian Industrial Zone Administrative Committee. The joint venture company, Sembcorp Caofeidian Water Co, will build, own and operate an industrial wastewater treatment plant to serve customers in the chemical industrial park. Targeted to begin operations in late 2015, this wastewater treatment facility will have an initial capacity of 10,000 cubic metres per day and have advanced capabilities to treat high concentration industrial wastewater and high oil content industrial wastewater. 

The Caofeidian Chemical Industrial Park is a petrochemical and coal-to-chemicals industrial park that is part of an industrial zone enjoying strong support from the central government. Strategically located along the coast of Hebei province, it is also at the centre of the Bohai Bay Economic Rim, widely considered one of China’s three centres of economic growth alongside the Pearl River and Yangtze River Deltas. The chemical industrial park has close proximity to Tangshan City, which is rich in coal and oil, as well as to a deep water port for the transport of crude oil, coal, iron ore and bulk cargo.

Keppel to build new CAN DO drillship by 2016

Keppel FELS Ltd (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), is proceeding with the building of its new CAN DO drillship. This drillship was designed base on positive feedback and strong enquiries from the market. 

 

When completed in 2016, the drillship is expected to be a state-of-the-art deepwater exploration, development and completion drilling vessel. The newly developed design is capable of handling next generation 20K psi blowout preventers. 

Most modern drillships currently in operation were designed and built for exploration drilling. CAN DO drillship is designed to overcome the constraints of limited deck space found in most modern day drillships.

Apart from incorporating exploration drilling requirements, the design allows for the installation of third party equipment invariably required for development and completion drilling through the incorporation of a large functional deck space. In addition, the drillship has a double blowout preventer stack integrated into the design, and has a riser hold capacity meeting 12,000 feet water depth with the flexibility of storing either 75-foot or 90-foot long risers.