Singapore
Ups the Ante by $1bn for Casino
As reported by the Australian:
"Singapore has imposed a stiff minimum
bet of almost $1 billion on casino operators
vying to play in the island state - including
Kerry Packer's Publishing & Broadcasting
Ltd and Tabcorp Holdings.
"Key
bidding specifications for Singapore's proposed
upmarket Marina Bay casino development include
a land price of $S1.2 billion ($966 million)
for a 60-year lease on the 20ha waterfront site.
The valuation, released this month, comes after
a land parcel adjoining the site sold for $S1.8
billion during a recent tender.
"It
means the overall cost of the casino-hotel project,
which has attracted the interest of 12 potential
bidders, including Las Vegas operators Las Vegas
Sands Corp, Wynn Resorts, Harrah's Entertainment
and MGM Mirage, will now be at least $3 billion.
"While
some casino operators have privately expressed
surprise at the land price, Tabcorp corporate
affairs general manager Bruce Tobin said it
was in line with the company's expectations..."
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