Singapore
Casino Bidders in Final Countdown
As reported by Reuters: "A
shrinking pool of potential bidders in the race
to build Singapore's first casino raises questions
about the lasting business allure of a massive
resort costing about US$3 billion.
"But
analysts and government officials say the narrowing
of the field to only four teams ahead of the
March 31 bidding deadline is a normal self-winnowing
process in a high-stakes game. They say at least
one more consortium may yet drop out.
"...Still
standing are three of the biggest names in the
gaming industry -- Las Vegas Sands Corp., MGM
Mirage, and Harrah's Entertainment Inc. -- each
allied with a Singaporean property firm. A fourth
consortium consists of Genting International
and its affiliate Star Cruises Ltd.
"The
challenge for them will be to turn a profit
on a huge up-front investment, which includes
a land cost of S$1.2 billion ($721 million)
for the Marina Bay waterfront project.
"...The
three groups led by U.S. casino operators MGM
Mirage, Harrah's and Las Vegas Sands are seen
as front-runners for the 20.6-hectare (50.9
acres) downtown site..."
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