Genting Singapore finally breaks ground for $2.4b Resorts World Jeju project

After delays and local government resistance.

Genting Singapore has finally broken ground for its $2.4b (US$1.8b) Resorts World Jeju project, after months of delay on back of local government resistance.

The project, which will be the first integrated resort in South Korea's Jeju Island, now has the support of the Governor of Jeju province.

According to Nomura, this much-awaited catalys should bring a positive stock price reaction for Genting Singapore.

"Other potential catalysts are the opening of the new hotel in Singapore in 2Q15, which should increase visitation to Sentosa, and any progress on Japan’s IR promotion bill. However, sentiment on the gaming sector is weak for 2015F due to the anti-corruption crackdown in China and the resulting drop in visitation," Nomura stated.