Jan. 25 (Bloomberg) -- Genting Bhd., Asia's biggest listed gaming operator, had its credit rating put on review for a possible downgrade by Moody's Investors Service following plans by a unit to build a casino in Macau.

Moody's placed the A3 issuer and debt ratings of Kuala Lumpur-based Genting on review, the ratings company said in a statement today.

Star Cruises Ltd., controlled by Genting Chairman Lim Kok Thay, said on Jan. 23 it will spend HK$3.5 billion ($448 million) with Genting International Plc to develop a casino in Macau, the world's biggest gaming market. The plan followed Genting winning a bid in December to build a $3.4 billion resort on Singapore's Sentosa island.

``The Genting group's new investment, which comes a few months after another major casino investment in Singapore, raises the group's financial leverage and its exposure to development and execution risks over the medium term,'' Kaven Tsang, an analyst at Moody's, said in the statement.

Moody's also put Star Cruises' B1 credit rating on review for a possible cut.

Genting's shares, which extended a record yesterday, today fell as much as 1.5 ringgit, or 3.8 percent, to 37.75 ringgit and traded at 38 ringgit at 3:56 p.m. in Kuala Lumpur.

Still, Genting's experience in developing casinos ``should partly mitigate the risk exposure,'' and, if successful, the Macau project would ``broaden the company's business and geographical coverage,'' Tsang said

The total investment from the Star Cruises and Genting International venture includes a payment of HK$1.47 billion for 75 percent of Macau Land Investment Corp., the owner of the land on which the resort will be built.

Lim owned 59 percent of Star Cruises at the end of December, according to Bloomberg data. Resorts World Bhd., a Kuala Lumpur- listed unit of Genting Bhd., owns 36 percent, Star Cruises said on Jan 23.

To contact the reporter on this story: Angus Whitley in Kuala Lumpur at awhitley1@bloomberg.net.

Last Updated: January 25, 2007 03:24 EST