It had been argued that a bid for the Marina Bay site in Singapore by MGM Mirage might not be forthcoming. However, as we reported on 4 January, “As these Las Vegas Strip giants have so far stayed in the race along with Harrah's - the world's biggest casino company, and Sands - Macao's major operators, the high cost card is not a convincing argument against the long-term projected riches from a mega casino operation in South East Asia.” The cost for the integrated casino resort at Marina Bay may exceed US$3 billion but these giants of the gaming industry can well afford to look to the long-term returns on their investment.

Having assured the foreign media in Singapore that MGM Mirage would proceed with its bid, Gordon Absher VP for Public Affairs pointed out that his company was not in the habit of making a fanfare about its plans. MGM Mirage is partnered by South East Asia’s largest developer, CapitaLand, in its bid for the first Singapore casino. Since the Singapore government issued its detailed Request for Proposal several prospective bidders have dropped out of the race, including Wynn. Most said the high cost involved, together with regulatory restrictions, called into question the viability of the scheme.

On Monday MGM Grand Macau, a 50/50 joint venture of MGM Mirage and Pansy Ho Chiu-king, announced enhancements to the hotel casino resort project and that it had secured US$700 million in project financing. A larger casino, an iconic hotel atrium and a premier entertainment venue are part of the enhancements. The Singapore government has already stated that it wants the future integrated resort development to become a global landmark, just as the instantly recognizable Sydney Opera House. MGM Mirage, with its wide experience in producing iconic casino resorts, is well placed to provide what the government seeks. (E-01.13.06)

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