Genting leads the race to develop Singapore casino
Three teams have submitted proposals by Tuesday’s deadline to build and operate Singapore’s second casino resort, the Tourism Board announced.
By Agencies |
SINGAPORE: Three teams have submitted proposals by Tuesday’s deadline to build and operate Singapore’s second casino resort, the Tourism Board announced.
The submissions came from Las Vegas casino resort developer Eighth Wonder Asia; Malaysia’s Genting International and Star Cruises, who have added Universal Studios as a non-equity partner; and Kerzner International and Singapore’s CapitaLand.
The deadline for bids for the resort on Sentosa Island was Tuesday afternoon. Lim Neo Chian, deputy chairman and chief executive of the Singapore Tourism Board, called the three bidders “accomplished players.”
“We are confident that we will see very strong and exciting proposals,” Lim said. He said the successful bid would be announced by the end of the year. Singapore legalised casino gaming last year and said it would allow two casino resorts to be built. The first was awarded in May to Las Vegas Sands The $3.6-bn casino resort is expected to be operational by July ’09.
The scramble for the Sentosa project changed last week when Harrah’s Entertainment, the world’s largest casino operator, and Singapore’s Keppel Land announced they would not submit a proposal despite earlier intentions. Harrah’s is evaluating a buyout offer from two private equity firms that may have changed the equation, the company said.
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Genting, which proposes to build a massive Universal Studios theme park if it wins the bid, is seen as the forerunner in the Sentosa race. On Monday, a Merrill Lynch report put Genting’s chances to win at 75%.Genting said in a statement Tuesday that its S$5-bn ($3.1 billion) resort would add 45,000 jobs to Singapore and attract 10m visitors by ’15, after a soft opening in ’09.
Shortly before Tuesday’s bid deadline, Eighth Wonder confirmed that it had partnered with Australian media and gaming company Publishing & Broadcasting. Eighth Wonder chairman Mark Advent said the Australian company would operate the casino if its bid was successful.
PBL, along with its Macau joint venture partner Melco International Development, is an equity partner in the bid, according to Advent. Another casino operator, Isle of Capri Casinos, is also an equity partner, Advent said.
Kerzner chairman Sol Kerzner said in a statement Tuesday that its joint proposal with Capitaland was “one of its kinds in the world.”
“It combines the unique competencies and know-how of the partnership with the architectural brilliance of Frank Gehry and his team. This will be a truly integrated resort and will be the must-see tourist attraction in Asia, drawing families and tourists to Singapore from around the globe,” he said.
Kerzner will have the majority 60% stake, while CapitaLand will have the remaining 40%, the statement said.
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