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Genting 'to build new Singapore resort'

Malaysian casino operator Genting has taken steps towards building a new resort in Singapore, it has been reported.

The group - which owns UK casino company Stanley, as well as the famous mountain destination Genting Highlands - has borrowed approximately $4.2 billion ($3 billion) for the new site, according to Bloomberg.

Investment expert Lim Kok Boon told the news provider: "It is a big gamble.

"It is hard to tell how it is going to pan out for them, but clearly the casino project cannot fail as Genting International and the Singapore banks will be badly implicated.''

The loan was put together in a deal involving the Royal Bank of Scotland, Oversea-Chinese Banking, HSBC, DBS Group and Sumitomo Mitsui Banking.

With Genting and Las Vegas Sands both aiming to open the first casinos in Singapore, it seems the Asian gaming market could be set to grow even further.

China's Macau is already the world's largest gambling destination.