As expected, four groups have submitted applications by the deadline for bids to develop the integrated casino resort at the Marina Bay site near Singapore’s financial district. The result of the tender will not be known until mid-2006 and it is anticipated that the winning casino operator will not open for business until 2009 at the earliest. The value of the rival bids is around US$3 billion or more, although only Genting International (US$3.1 billion) and Las Vegas Sands (US$3.6 billion) have commented on their proposed development costs. The world’s costliest casino resort to date is Wynn Las Vegas at US$2.7 billion).

Some analysts consider that the two companies, MGM Mirage and Harrah’s Entertainment, which so far have not divulged the amount of investment for their projects, may be front runners in the bidding. Both companies have local joint venture partners. Genting International and partner Star Cruises have named their proposed development the Singapore Entertainment & Events Destination (SEED), calling the project a world class end-destination resort. Marina Bay Sands is the Las Vegas Sands’ project, seen by the company as being a catalyst for the economic future of Singapore and a launch pad for its tourism industry.

Singapore is seeking to boost tourism with two iconic integrated resorts and is also eyeing the lucrative high roller market. It intends to tax revenue from those gamblers who play over S$100,000 (around US$61,700) by only 5%, lower than in any other country. Other gambling revenue will be taxed at 15%. The Singapore government is to launch a tender for the second integrated resort on Sentosa Island on 28 April. Bidders will have until 10 October to submit their projects. (E-03.30.06)

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