PBL Pulls
Out of Singapore Race
As reported by the Sydney Morning
Herald: "Publishing & Broadcasting
Ltd has pulled out of the race to build a multibillion-dollar
casino in Singapore, the first big corporate
move by James Packer since the death of his
father Kerry last week.
"Mr
Packer said the expected returns from the luxury
resort at Marina Bay were 'insufficient to justify
the higher projected capital costs of the project'.
"The
resort was initially expected to cost about
$2 billion but reports surfaced of bidders prepared
to spend double that for a winning proposal.
The Singapore Tourism Board added to the escalating
costs by setting a price on the land of $S1.2
billion ($986 million). Now gaming analysts
expect it will be the most expensive casino
resort ever built, even topping the Las Vegas
complex opened by billionaire Steve Wynn in
April.
"PBL
was bidding for the Singapore project with its
joint venture partner, Melco International Development,
run by Lawrence Ho, son of Macao casino magnate
Stanley Ho…"
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