Posts Tagged ‘casino in singapore’
Following comments made by Trade & Industry Minister Lim Hng Kiang yesterday evening that the second round of presentations may be skipped, the Singapore Tourism Board (STB) today reconfirmed that the winner of the marina Bay safe casino license in the middle of this year, despite bidders’ hopes that an earlier announcement regarding the safe casino license could be expected.
The second round of presentations by bidders for the license to build a safe casino in Singapore’s Marina Bay will be held early next month, after last week’s final meetings with the four bidders.
Official representatives from the safe casino bidding consortiums; Harrah’s Entertainment Inc, Las Vegas Sands Corp, MGM Mirage with CapitaLand Ltd and Genting International with Star Cruises Ltd are required to submit a further round of presentations in early May, but according to statements made by Lim, this may no longer be necessary.
Lim made comments that the government and ministry officials should not need to interview the bidders for the safe casino license a second time, as the meeting and presentation process has already been done. He reportedly said that the ministry was already reviewing the bids, and only in the event that there would be a difference in opinion would there need to be a second round of presentations for the safe casino bid.
Lim’s comments have led several investors to believe that Singapore authorities were close to a decision on the safe casino license issue, and began aggressive buying on the share market in CapitaLand and Keppel Land.
Traders believe that an early decision could be an indicator that the government was likely to be offering the safe casino license to one of the two government-linked companies. The government will have a stronger influence over the operations of the safe casino if either CapitaLand or Keppel Land is involved as equity partners.
The latest rush in trading saw CapitaLand up 1.3% after going up to S$4.82 earlier in the trade, while Keppel Land shares raised 2.6% to S$4.72.
Singapore has been seen as one of the best openings into the lucrative, fast growing Asian safe casino market, with US companies racing to expand into the region. Other areas under development include Macau, the only region of China where gambling is legal. MGM and Sands are both vying to develop safe casino super-resorts in the former Portuguese colony as well as bidding for the coveted Singapore license.
The Singapore safe casino resort will be developed on a 20.6 hectare site in the downtown waterfront area, with a projected price tag of over US$3 billion, making it one of the world’s most expensive safe casinos.
Singapore’s newly relaxed gambling laws will allow for two casinos to be built in the island nation, with the second safe casino bid to be opened in late April, with the final applications accepted in October this year.
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