Singapore
Plans to Tweak Casino Rules
As reported by the Bloomberg
News: "Singapore will modify some rules for
the city-state's first casino-resorts after consulting
bidders including Harrah's Entertainment Inc. and
Las Vegas Sands Corp.
"In June the city-state delayed to the third
quarter from the second releasing its request for
proposals, which would spell out guidelines for
its casino-resorts for the dozen bidders, which
include Kerzner International Ltd. and Genting Bhd.
"…Singapore is counting on the resorts
to help boost visitors after its share of Asia-Pacific's
tourism revenue dropped by half in the past decade.
The two casino resorts would draw S$5 billion ($3
billion) of investments and create about 35,000
jobs on the resort island of Sentosa and in the
city's downtown Marina Bayfront, the government
said. By comparison, last year Singapore added 71,400
jobs.
"…Potential investors say they're anxious
to see what changes the government has made. City
Developments Ltd., Singapore's second-biggest developer,
said Thursday it wants to know if the government
would retain its rule that the shareholding structure
of the resort can't be changed by more than 5 percent…"
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