Singapore’s first casino to be world’s costliest

[Dr. Jack]

Singapore’s first casino to be world’s costliest
Las Vegas Sands Corp. wins contract, resort expected to open in 2009

The Associated Press
Updated: 10:31 a.m. ET May 26, 2006


SINGAPORE - Las Vegas Sands Corp., owner of The Venetian in Nevada, won a hotly-contested license Friday to build Singapore’s first casino, which could be the world’s costliest casino resort project by the time it opens in 2009.

Singapore last year reversed its decades-old ban on casino gambling, and said it would award licenses to operate a casino resort at Marina Bay and another on the resort island of Sentosa to boost tourism and help the city-state shed its straight-laced image.

U.S. casino operators have been rushing to expand in Asia to tap the region’s fast-growing ranks of millionaires and middle-class consumers.

Las Vegas Sands was selected for the Marina Bay license over three other bidding groups — MGM Mirage and CapitaLand Ltd., Harrah’s Entertainment Inc. and Keppel Land Ltd., and Genting International PLC and Star Cruises Ltd.

Las Vegas Sands, which is controlled by former Comdex trade show boss Sheldon G. Adelson, also runs the Sands Macao in Macau, the only part of China where casino gambling is legal.

The casino-resort at Marina Bay, which will be built on a 50.9-acre waterfront site near the financial district, is likely to cost more than $3.16 billion, Singapore’s Deputy Prime Minister S. Jayakumar told a news conference.

Currently, the world’s most expensive casino is the $2.7 billion Wynn Las Vegas that was completed late last year.

Sands says it expects to open the resort in 2009.

Sands’ President and Chief Operating Officer William Weidner welcomed the Southeast Asian island-republic’s decision.

“Our presence in Singapore, combined with our footprint in North Asia and access to China, the largest source of tourism in the foreseeable future, will enable us to generate mutual benefits for both economies and for visitors alike,” Weidner said in a statement.

Jayakumar said Sand’s proposal best met the city-state’s economic and tourism objectives, and would significantly strengthen Singapore’s position as a leading destination for conventions and exhibitions.

The casino and resort will be a “large scale iconic development,” he said, with a construction cost of $2.43 billion and a land cost of $760 million.

“The (Sands) proposal also possesses unique design elements which will provide a memorable image for Marina Bay,” Jayakumar added.

The Marina Bay Sands will directly employ 10,000 people and result in 20,000 jobs being created in other industries, Trade and Industry Minister Lim Hng Kiang told the news conference.

According to the Singapore Tourism Board, the bidders were assessed based on four criteria: tourism appeal and contribution; architectural concept and design; development investment; and strength of the consortium and partners.

The tender for Singapore’s second casino was launched in April. The government will likely decide on the winning bid for the Sentosa casino before the end of the year.

Adelson founded the technology trade show Comdex in 1979 and sold the company to Japan’s Softbank Corp. for more than $860 million in 1995. He purchased the Sands Hotel and Casino, former home to Frank Sinatra and the Rat Pack, in 1989. He later tore down that facility and erected the The Venetian, a $1.5 billion casino resort. Las Vegas Sands went public in December 2004.

[domafia]

Ugh, just another reminder of my selling shares of LVS stock too soon. I bought in around $35 a share and sold a couple months later around $42. Now with this new deal the stock was touching above $70!

Once Macau and Singapor get going, we may need to go international with a Cappers Mall convention in the Far East!

[cman]

is this not where that teenager got cained

http://money.excite.com/ht/nw/bus/20...sfa001816.html

wde

[Toronto_Mike]

Yup, it certainly is. Lived there for 16 years. Nice place to visit, but not a place to live. Its expensive, the people are generally rude and obnoxious. Strict drug laws, like you wouldn't believe, government is a dictatorship.

I also heard that the only way you have passage to the Casino is if you are a tourist. Locals have to pay a fee to get in.

[Toronto_Mike]

oh i'll be very interested to know how the government manages all the traffic that goes in and out of Singapore, its not exactly the biggest city/country in the world.

[dhunter]

Originally Posted by Toronto_Mike

oh i'll be very interested to know how the government manages all the traffic that goes in and out of Singapore, its not exactly the biggest city/country in the world.

Plus isn't the only way in or out of Sentosa the cable cars? That's going to be a mess.

[Toronto_Mike]

Originally Posted by dhunter

Plus isn't the only way in or out of Sentosa the cable cars? That's going to be a mess.

no, there is a bridge and a ferry

[Toronto_Mike]

i dont' know how Singapore can even think of fitting 2 casinos.

[dhunter]

Originally Posted by Toronto_Mike

no, there is a bridge and a ferry

They should probably branch out the MRT to Sentosa as well.

[Toronto_Mike]

Originally Posted by dhunter

They should probably branch out the MRT to Sentosa as well.

i wonder just how much more that's going to cost them, considering they'd have to go under water as well.

are you Singaporean or have travelled to Singapore?

[dhunter]

Originally Posted by Toronto_Mike

i wonder just how much more that's going to cost them, considering they'd have to go under water as well.

are you Singaporean or have travelled to Singapore?

I've been there twice for business. I really like it. Had a great time. But I think you're right about living there. The government is too strict. No chewing gum, WTF? It is one of the cleanest cities I've been to.

[Toronto_Mike]

Originally Posted by dhunter

I've been there twice for business. I really like it. Had a great time. But I think you're right about living there. The government is too strict. No chewing gum, WTF? It is one of the cleanest cities I've been to.

you can actually chew gum, but you are not allowed to sell. Some of the laws are ridiculous.

No pornography allowed but there is a district filled with prostitution.

No drugs, but if you go to clubs, you will soon realize that Singapore is a heavy drug city.

It certainly is clean, you don't find many cities that have plants or trees planted all over the town.

It is pricey man. Cars....ridiculous a Civic could cost you around 50,000 or more due to the road tax but whats even more messed up is the amount of luxary cars in the city. You could probably find more Ferrari's and Lambo's in Singapore than Toronto or NYC. Once you are rich in Singapore....you are filthy rich.

How did you find the people? Do you prefer their English or a Redneck English? lol

[dhunter]

Originally Posted by Toronto_Mike

No pornography allowed but there is a district filled with prostitution.

Yep. "4 floors of whores". Also, on my cab ride from the airport to my hotel, the driver offered to hooked me up with a prostitute. I turned him down and he gave me a business card. They must get some kickbacks.

Originally Posted by Toronto_Mike

It is pricey man. Cars....ridiculous a Civic could cost you around 50,000 or more due to the road tax but whats even more messed up is the amount of luxary cars in the city. You could probably find more Ferrari's and Lambo's in Singapore than Toronto or NYC. Once you are rich in Singapore....you are filthy rich.

Yeah, my customer that I was out visiting had a Honda Civic and I was shocked at how much it cost. It was a 18k car in the US.

Originally Posted by Toronto_Mike

How did you find the people? Do you prefer their English or a Redneck English? lol

Well I didn't have much contact with people outside of work. My customers out there are mostly English and they were great to hang out with. They love to go to pubs and drink. Some of the cab drivers were hard to understand even though they were speaking English, lol. I did like how they spoke English though, it made it easy to get around.