Sembawang ready to pony up $250 million bond for Gold Coast casino plans

TAGs: Australia, Casino News, sembawang, wavebreak island

sembawang serious about wavebreak developmentIf there were still any doubts surrounding the ambitious casino and cruise ship terminal plans – called¬†Wavebreak –¬†by Sembawang, the Singapore-based company hopes to put all the unease to bed by offering a $250 million bond on the desk of Queensland Premier Campbell Newman.

The move comes in the wake of growing unrest from a number of what Sembawang CEO Ric Grosvenor describes as “powerful forces” making up of major players in Australia who are all looking to prevent the project in the Gold Coast island from moving forward.

Unusual as it may look, it does look like Grosvenor is trying to keep all his bases covered in order to keep the other side as muted as possible.

“There are other big players in Australia that would like to see the casino option erased knowing it would sink the project, knowing it would further their own ends,” Grosvenor told

“There are powerful forces at work that would like to see a monopolistic throttlehold on gaming in Australia.”

Sembawang’s ambitious $4.9 billion Wavebreak proposal include a gigantic resort, casino and cruise ship terminal on Wavebreak Island. The location is one of Sembawang’s top priorities for their next business venture to go with a mining opportunity and Macau and a future development somewhere in Asia. Apparently, Sembawang is pretty serious about its plans for Wavebreak with Grosvenor even willing to pony up the check for $250 million at the soonest notice in order to show the state that it means serious business.

“I could write the cheque out today,” Grosvenor said, before adding that the money would come straight out of Sembawang’s own treasury. The money would then be given to the State Government as a bond with pre-set conditions that include forfeiture of the entire thing should Sembawang breach any conditions set down by the Government, including the failure to meet deadlines or violations of the state’s environmental protection laws.

While Grosvenor didn’t point to any particular names as far as those looking to break up the company’s Wavebreak Island plans, the Sembawang CEO did throw a well-veiled shot to those looking to keep the project from moving forward. “There are those who deal in the shadow and those that deal in the light,” he said before adding, “we are the latter.”

Sembawang hopes that the entire project could be finished in time for the 2018 Commonwealth games on the Gold Coast.


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