Genting Singapore sets up subsidiary in South Korea

Casino operator Genting Singapore has set up a new subsidiary in South Korea, Claremont Co Ltd, which will focus on leisure and hospitality related businesses, according to a filing on Tuesday.

“Claremont’s business objectives will be the provision of support services to leisure and hospitality related businesses, the provision of resource support, and all incidental businesses related to the foregoing objectives,” said the company.

Genting Singapore currently has a partnership with Landing International Development to build a $1.8 billion casino resort on South Korea’s Jeju Island.

The new subsidiary is not expected to have any material impact on consolidated net tangible assets and earnings per share of the company for the financial year ending 31 December 2016, said the company.