| |
Channel
NewsAsia , 30 Nov 04
S'pore to call for casino concept proposals in a few weeks: report
By Thomas Cho
SINGAPORE : Singapore will be requesting proposals in a few weeks'
time from potential investors keen on building an integrated resort
here. A Bloomberg report quoted government officials as saying that
they will be asking for casino-and-complex concept proposals.
Several casino operators, including those from Las Vegas and Macau's
SJM, have expressed interest in the project. But even as the government
is still deciding whether to go ahead, two sites are being considered
as possible locations for the casino complex. Analysts tell Channel
NewsAsia the investment could be as much as US$2 billion, or S$3.3
billion.
One of the two locations being considered for the casino project is
on the resort island of Sentosa. The other is the vacant site at Marina
South, which analysts say will require a much bigger investment --
in fact, almost double. Independent gaming analyst Johnathan V Galaviz
said, "In order to build a premium property in Singapore the investment
range would have to be US$1 billion to US$2 billion; but more likely
to be on the US$2 billion side for the Marina site. For the Sentosa
cove site it will probably require US$1 billion.
The government announced in March that it was considering lifting
the ban on casinos, amid rising competition for the tourist dollar.
Since then, there have been differing opinions on the issue.
Critics are concerned about the social impact, but for gaming analysts,
they say having a casino will be good for the island. Mr Galaviz said,
"As far as indications for Singapore, Singapore should attract an
investment of US$1 billion to US$2 billion, and theoretically it would
have about 5,000 to 8,000 new jobs created." But for now the government
is not rushing to make a decision. Officials say the concept proposals
will help the government refine various parameters before it launches
a formal request for proposals. - CNA |
|
