Sunday, June 18, 2006

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Singapore awards casino license to Las Vegas Sands

By Lianne Elias

Las Vegas Sands Corp. has been awarded the license to construct Singapore's Marina Bay casino complex after a hard fought bidding war with top competitors Harrah's Entertainment, Inc. and MGM Mirage as well several leading Asian property development groups. As a result of the contract, Las Vegas Sands in now poised to become one of the most prominent casino development firms in the region.

The $3.2 billion Marina Bay project is being billed as the world's most expensive casino resort, and is expected to boost tourism, jobs and the gross domestic product of Singapore when it opens in 2009 featuring a resort and casino complex, a conference center and retail outlets.

Bidding to develop Marina Bay began last year when Singapore lifted a 40 year ban on casino gambling. Wynn Resorts Ltd., Harrah's Entertainment, Inc., Las Vegas Sands Corp. and MGM Mirage all purchased the $10,000 SGD (about $6,000) opening casino tender proffered by the city-state, which laid out the requirements for the Marina Bay project.

Wynn Resorts withdrew its bid in December 2005.

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