Star Cruises (0678), the world’s third- largest cruise operator, saw its shares drop by as much as 19 percent Wednesday after announcing it was increasing its stake in a Macau casino project linked to billionaire Stanley Ho – a move which will cost the cruise company an additional HK$875 million.

At the same time, Star Cruises announced it will sell its 25 percent stake in a Singapore casino resort project.

Shares of Star Cruises, which resumed trading Wednesday after suspending trading Monday, dropped to as low as HK$1.90 before closing at HK$2.13, a drop of 9 percent. About 5.88 million shares changed hands.

The company said in a statement it will raise its stake in a Macau casino project to 75 percent from 56.25 percent after gaining full control of a joint- venture company from its sister company Genting International.

Following the HK$58.5 million acquisition, Star Cruises’ investment in the Macau project will increase by HK$875 million to reach HK$3.5 billion. Genting’s withdrawal from the Macau project came after the Singapore government said last week both Genting and Star Cruises would need to undergo “suitability checks” before being awarded a casino license.

Meanwhile, Genting International will acquire Star Cruise’s 25 percent stake in Resorts World at Sentosa – Singapore’s second casino resort, giving it a 100 percent stake in the project.

Kenny Tang Sing-hing, associate director of Tung Tai Securities, believes Star Cruises’ shares will continue to be under pressure in the short term.

“By divesting its interest in the Singapore project, it has limited its business exposure in the region. As Star Cruises’ debt is quite high, I think investors would prefer to be involved in other gaming projects.”

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