Press Release 22nd Jan 2007 - Star Cruises announces entry into Macau market.

Star Cruises announces entry into Macau market

Investment enables company to expand leisure & hospitality portfolio, leverage
and further drive tourism in Macau

Star Cruises Limited (678) ("Star Cruises" or “the Company”) today announced that its 75% owned subsidiary New Orisol Investments Limited (“New Orisol”) has entered into sale and purchase agreements to acquire a 75% interest in Macau Land Investment Corporation (“Macau Land”), which owns a parcel of land known as No.1 Lago Nam Van, Macau, located on the shores of Nam Van Lake in downtown Macau (“the Premises”). Genting International P.L.C. (“GIPLC”) owns the balance of the 25% stake in New Orisol.

The Company has also entered into a services agreement with Sociedade de Jogos de Macau, S.A. ("SJM"), a holder of a gaming concession granted by the Government of Macau whereby the Company will cause its subsidiary (“the Service Provider”) to provide certain areas for a casino in the hotel to be built at the Premises and provide services to the casino which will be operated by SJM, conditional upon approval by the Government of Macau. SJM will pay the Service Provider a monthly fee for usage of the location for the casino and the provision of the services,

Macau Land intends to develop “Resorts World at Macau™”, a boutique hotel which includes the Casino on the Premises.

On 17 January 2007, the Company entered into a share placement agreement with Profit Boom Investment Limited, Win Ever Investment Limited, Ms Leong Angela On Kei, Ideal Collection Assets Limited and Mr. Chua Ma Yu (collectively “the Subscribers”) respectively to subscribe for 120 million, 40 million, 40 million, 12.5 million, and 42.5 million shares in the Company respectively at HK$2.29 per share. In addition, the Subscribers also entered into an option agreement respectively to purchase their respective numbers of shares (“the Option Shares”) in the Company at a premium of HK$0.28 per Option Share. The exercise price of the Option Shares is HK$3.00 per Option Share. The initial share placement will raise HK$655,350,000. Upon conversion of the Option Shares, the Company will raise an additional HK$765,000,000.

Commenting on the transactions, the Company’s Chairman, President and CEO, Tan Sri Lim Kok Thay, said, “Macau is the fastest-growing leisure, entertainment and hospitality market in the world. With the presence of so many leading industry players in Macau, it is a further testimony of the need for us to build our strong presence in Macau. This project will complement our various hospitality developments in Malaysia, Singapore, the United Kingdom and the United States as we seek to capture and maximize each tourist dollar going into these destinations.

“Star Cruises in leading this development is confident of leveraging Genting Group’s proven experience, expertise and track record, in creating a world-class hospitality project in Macau.”

Mr. William Ng, Executive Director of the Company, added, “There is increasing affluence in Asia, and Macau will be a prime beneficiary in this large and growing market. We believe the project when completed in 2009 will further contribute to Macau’s development as a world-class tourist destination”

Commenting on his investment in Star Cruises today, Dr. Stanley Ho said, “This is a personal investment and has nothing to do with any of my publicly listed companies”.

The estimated project cost is HK$4.7 billion, and it will be funded via a combination of debt, equity capital and bank borrowings.

The Genting Group including Star Cruises and Norwegian Cruise Line have a global distribution network comprising 450 full-time sales and marketing personnel and 50 sales representatives operating out of 35 worldwide sales offices for the Genting Group. These enterprises reach 45,000 corporate and travel operators and bring 25 million tourists annually to the resorts and cruise ships within the Genting Group.

Star Cruises owns and operates 21 ships worldwide with 32,300 berths, or the equivalent of 16,000 rooms. Since 1998, the Company has added 9 new world-class cruise ships to its fleet and will take delivery of 4 more cruise ships over the next 4 years. These 4 new cruise ships average 135,750 tonnes and will cost HK$7.8 billion each.

GIPLC owns Stanley Leisure, which owns and operates 46 casinos in the United Kingdom. GIPLC also owns and will operate the Resorts World at Sentosa™.

Remarks: Portraits of the Company’s Chairman, President and CEO, Tan Sri Lim Kok Thay, is available for download at:

Star Cruises, the third-largest cruise operator in the world, is a global cruise brand with a combined fleet of 21 ships and about 32,300 lower berths in service with an additional 4 ships and 14,980 lower berths due to be delivered by 2010, cruising to destinations and islands in Asia-Pacific, North and South America, Hawaii, the Caribbean, Alaska, Europe, the Mediterranean, Bermuda and Antarctica under the Star Cruises, Norwegian Cruise Line, NCL America, Orient Lines and Cruise Ferries brands.

Star Cruises is represented in 25 locations worldwide with offices in Australia, China, Germany, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Sweden, Taiwan, Thailand, United Arab Emirates, the United Kingdom and the United States of America.