http://www.cnn.com/2006/BUSINESS/05/26/singapore.casino/index.html
Singapore bets on Las Vegas Sands
<!-- date --><SCRIPT language=JavaScript type=text/javascript> <!-- if ( location.hostname.toLowerCase().indexOf( "edition." ) != -1 ) { document.write('Friday, May 26, 2006 Posted: 1142 GMT (1942 HKT)'); }else { document.write('Friday, May 26, 2006; Posted: 7:42 a.m. EDT (11:42 GMT)'); } //--> </SCRIPT>Friday, May 26, 2006; Posted: 7:42 a.m. EDT (11:42 GMT) <SCRIPT language=javascript><!--WM_setCookie( "msreturn", document.URL, "", "/", ".cnn.com" ); function getSelectedButton() { if (document.alertbox.alertradio.length) { for (var i = 0; i < document.alertbox.alertradio.length; i++) { if (document.alertbox.alertradio.checked) { var newArray = (document.alertbox.alertradio.value).split("|"); document.alertbox.type.value = newArray[0]; document.alertbox.value.value = newArray[1]; return true; } } } else { // there is only one alertradio button so the browser does not treat it as an array. if (document.alertbox.alertradio.checked) { var newArray = (document.alertbox.alertradio.value).split("|"); document.alertbox.type.value = newArray[0]; document.alertbox.value.value = newArray[1]; return true; } } alert("Please choose an alert to create."); return false;} //--></SCRIPT><FORM name=alertbox onsubmit="return getSelectedButton()" action=http://audience.cnn.com/services/cnn/alerts/activateAlert.jsp>
</FORM><!--endclickprintexclude-->SINGAPORE (Reuters) -- Singapore has picked Las Vegas Sands, the world's top casino operator, to build and run its first casino, a project that will cost more than S$5 billion ($3.2 billion).
The tiny island-nation scrapped a ban on casinos last year in a move to shake off its staid image and capture part of Macau's success as a gambling center for Asia's increasingly wealthy and mobile middle class.
Singapore expects to create 30,000 new jobs with two casino projects as it restructures its trade-dependent economy by wooing more tourists.
"Sands had submitted the best overall proposal that meets the economic and tourism objectives of Singapore," Deputy Prime Minister S. Jayakumar told a news conference on Friday, adding that Sands had also committed the highest investment.
Las Vegas Sands Corp., the world's largest gaming operator, has said its $3.6 billion plan for the Singapore casino resort would make it the costliest in the world.
A panel of government ministers chose the group from four consortia, which included top casino firms Harrah's Entertainment Inc. and MGM Mirage and their local partners.
Sands will have a 30-year concession to run a casino along Singapore's downtown Marina Bay. The 20.6 hectare (50.9 acre) waterfront site, to open as early as 2009, will be transformed into a new landmark development, consisting of a casino, conference halls, performance venues, and a luxury hotel.
Sands, which runs the Venetian in Las Vegas and a successful Macau casino, was advised by Singapore property firm City Developments Ltd. It has already unveiled a design by Massachusetts-based architect Moshe Safdie that is inspired by decks of cards leaning against one another.
Shares of Singapore property developers CapitaLand and Keppel Land, who were among the failed bidders, surged by as much as 7 percent ahead of the announcement.
Controversy
The casino is an important part of Singapore's strategy to boost its tourism and services sector by tapping into the $13 billion expected to be generated in revenues from legal casinos in the region this year.
Singapore lifted a decades-old ban on casino gambling last year after unusually vociferous opposition from religion and social groups.
Several prospective candidates have fallen by the wayside since Singapore invited bids for its two casinos last year.
Las Vegas casino impresario Steve Wynn slammed Singapore bureaucrats for micro-managing areas such as design and eventually withdrew his Wynn Resorts from the race in December.
An alliance between Macau's casino king Stanley Ho and Publishing & Broadcasting, controlled by Australia's Packer family, pulled out in January, citing high capital costs, including an upfront land cost of S$1.2 billion ($760 million).
Proposals for a second casino, slated for the resort island of Sentosa, must be submitted by October.
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Singapore bets on Las Vegas Sands
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</FORM><!--endclickprintexclude-->SINGAPORE (Reuters) -- Singapore has picked Las Vegas Sands, the world's top casino operator, to build and run its first casino, a project that will cost more than S$5 billion ($3.2 billion).
The tiny island-nation scrapped a ban on casinos last year in a move to shake off its staid image and capture part of Macau's success as a gambling center for Asia's increasingly wealthy and mobile middle class.
Singapore expects to create 30,000 new jobs with two casino projects as it restructures its trade-dependent economy by wooing more tourists.
"Sands had submitted the best overall proposal that meets the economic and tourism objectives of Singapore," Deputy Prime Minister S. Jayakumar told a news conference on Friday, adding that Sands had also committed the highest investment.
Las Vegas Sands Corp., the world's largest gaming operator, has said its $3.6 billion plan for the Singapore casino resort would make it the costliest in the world.
A panel of government ministers chose the group from four consortia, which included top casino firms Harrah's Entertainment Inc. and MGM Mirage and their local partners.
Sands will have a 30-year concession to run a casino along Singapore's downtown Marina Bay. The 20.6 hectare (50.9 acre) waterfront site, to open as early as 2009, will be transformed into a new landmark development, consisting of a casino, conference halls, performance venues, and a luxury hotel.
Sands, which runs the Venetian in Las Vegas and a successful Macau casino, was advised by Singapore property firm City Developments Ltd. It has already unveiled a design by Massachusetts-based architect Moshe Safdie that is inspired by decks of cards leaning against one another.
Shares of Singapore property developers CapitaLand and Keppel Land, who were among the failed bidders, surged by as much as 7 percent ahead of the announcement.
Controversy
The casino is an important part of Singapore's strategy to boost its tourism and services sector by tapping into the $13 billion expected to be generated in revenues from legal casinos in the region this year.
Singapore lifted a decades-old ban on casino gambling last year after unusually vociferous opposition from religion and social groups.
Several prospective candidates have fallen by the wayside since Singapore invited bids for its two casinos last year.
Las Vegas casino impresario Steve Wynn slammed Singapore bureaucrats for micro-managing areas such as design and eventually withdrew his Wynn Resorts from the race in December.
An alliance between Macau's casino king Stanley Ho and Publishing & Broadcasting, controlled by Australia's Packer family, pulled out in January, citing high capital costs, including an upfront land cost of S$1.2 billion ($760 million).
Proposals for a second casino, slated for the resort island of Sentosa, must be submitted by October.
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