Just last month Singapore group City Developments Limited (CDL) announced its agreement with Las Vegas Sands Corp to make a joint bid for the Marina Bay integrated resort site. It planned a 15% equity stake in the project but things have now changed. The Singapore hotel and property group, one of the country’s biggest, has changed its mind reportedly over some of the requirements associated with the bid.

Some major gaming companies have already pronounced the stakes too high and the costs too great in Singapore. Regulations and restrictions to be imposed by the Government will limit local players and make the profitability of the venture less certain. CDL says it will continue to provide council and advice to Sands but presumably can see little benefit from its own active participation in the scheme. Maybe Sands will be another contender to rethink its Marina Bay bid.

From the anticipation that led companies (14 in all) from South Africa, Australia, Hong Kong, The Bahamas, etc. to enthusiastically join American gaming giants in wanting a piece of the action in Singapore, the field has been narrowed to just four still in the game. Sands insists that the CDL move will not alter its decision to tender for Marina Bay. Harrah’s Entertainment, MGM Mirage and Genting International seem to be firm bets to cross the finishing line on 29 March, but the eventual winner is less certain and remains a source of disagreement among analysts. (E-01.17.06)

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