Many who are exhorting the merits of accepting 2 or all of the
bids are completely missing the point. The truth is Singapore has
to accept that there will only be one integrated resort at Sentosa;
for it to be worth the while for all three bidders to have made
such exceptional bids and taken the efforts to go through probity
checks. We cannot have the cake and eat it. Period.
Thus there are compelling reasons why Genting will be most favoured
bid:
1.)We have only one chance at an iconic tourist attraction that
will anchor our tourism strategy at Sentosa for the next ten years.
It is make or break and we cannot afford to have a failed bid at
attracting the masses that we expect will come from China , India
and the region; either because 8w consortium of non-equity partners
break up in discord or Kerzner-Capitals futurist theme fail to
take off. There are dozen of attempts around the world and locally
at thinking out of the box like the London eye, futuristic rides
and bungee at Clark Quay or beautiful architecture and gardens in
Chinese Garden, Haw Par including attempts in the past on having a
volcanoland( think 8w) or Aiichi Expos use of advanced robots (
think K-C). How many of us mention these attraction in the same
breath as the country of origin? But to this day, we remember the
number of Disneyland or Universal Studios there are in the world
because these are time-tested formula as with an Oceanarium. If we
have to choose an aquarium between Genting and K-C or theme parks
between Genting and 8W , while not just take the safest bet in
Genting and get both plus tread the middle line?
2.) Our second resort should complement Marina Sands and Sentosa
Isle , not compete against it in terms of cliente. It should serve
a completely different tier of customers to reap the maximum
benefit for Singapore. Otherwise we will need more than a dozen
integrated resorts to achieve the full spectrum of target audience
we hope to attract. We dont need a glittering Atlantis to attract
the noveau rich ( Sands does that) , live shows ( we have spore
indoor stadium, explanade, marina sands), soccer stadium/school (we
have Kallang Sport hub, Singapore sports school ). On the other
hand, Genting gentle stone architecture blends well with sentosa
the tropical island outlook that we remember since our childhood.
Do we really need a monstrosity to destroy our skyline and
waterfront or a huge volcano ( not to mention the huge damage to
the contours/landscape of Sentosa and ecosystem) ? Gentings
complement of Oceanarium complements with the underwater world and
dolphin park already in existence; so form a critical mass of water
parks/rides/aquarium thereby achieving a hub effect. Similarly,
its offering of Universal (tog with the two IR s ) may actually
attract a Disneyland at Marina possibly forming another theme park
hub Imagine two world class theme parks in the convenient
proximity of Singapore one outdoor , one conceivably indoor like
Lotte World in S Korea (i.e. Disneyland to utilize small space) in
Singapore? Imagine the draw on the regional tourism market!
3.) Furthermore, why do we need a cooking school or a soccer
stadium or a wedding boutique hotel? Arent our target population
the family? How do we expect chef wannabes or wedding couples to
bring in the masses of families from China or India? Remember, how
many average Joes in Singapore can afford to dine Ducasse, live in
Starwood hotel, wear Vera Wang and buy a Rolls Royce from the toy
box? Not to forget that the cost to our neighbours is 2X ( for
Malaysia) , 5 X ( for China)? The Vera Wang Collection may sound a
big deal in bringing the occasional banquet, but do we seriously
think Chinese or Indians will fly their extended family to
Singapore for a wedding? How many 6 star and 5 star options do we
already have? We cannot hv another white elephant.
Thus Genting offers the perfect track record and compelling case
for family visitors with their theme park and oceanarium offerings
stuff that has stood the test of time. How many Singaporean
families go to genting for gaming? How many more children go to
genting solely for their arcade, theme parks, pony rides and live
shows? Plus packaging Star Cruise for Spa in Bintan, stopping over
at the Universal Studio and Marina Sands at Southern Singapore
coupled with trips to Malacca and highland offerings in Genting
Berhad- all these make for a compelling proposition to world
travelers.
Genting will certainly shift its HQ to Singapore exploiting its
tourist networks and bringing in further tourist attractions.
Indeed, Steve Wynn says a family theme IR will not work, only
scantily clad dancers and gaming will. He is missing the point. A
casino is merely the price we are prepared to pay to draw in the
massive investments that will lift Singapore out from the boring
category to a modern and must-visit cosmopolitan city.
4.) Genting learnt its lesson well and read the RFP to the letter.
They target the same cliente the govt is aiming for ( families and
repeat visitors from China, India and SEA) not the well- heeled (
like K-C or 8W) and have the track record in drawing in Asian
visitors from China, Singapore and Malaysia. We are not aiming at
competing with Vegas or the Bahamas for American or European
tourists. We should keep a sharp focus. They intend to build an
icon that we have thus far not had the funds or opportunity to
support in Singapore that people will talk about (i.e. Universal
Studios). They blend their architecture with Sentosas tropical
image and given Michael Graves experience, there is bound to be
good traffic flow and integration of facilities for the optimal
travel experience. Do we really need a second link (8w) and
expect our current roads to be congested? I feel Graves boring
architecture is highly misunderstood and underrated.
5.) Do we need a soccer stadium? Who is going to play in it ? S
League ? Malaysian Cup? EPL? It seems that 8W patchwork of last
minute strategies is an attempt to brandish itself as a dark horse.
The same with its free access and highest development investment.
Does it mean more of its revenue will come from gaming? What if the
consortium falls apart? Or non-equity members pull out? Does it
mean part of the 5.6 billion of physical architecture lay in waste?
Genting on the hand are like brothers and sisters with star cruise
and have a financially prudent plan, they charge reasonably and
folks from China , India and South East Asia can stay in affordable
hotels (think first world), dine reasonably and participate in
affordable all around experience. Plus I feel strongly for its 200
million yearly investment to update its attraction , bringing in
new shows , features and dining. This Genting has done right in
upgrading, refurbishing , expanding and updating its Genting
Highland resorts as age will wear out any 5 billion dollar resort
without proper maintenance and bringing in of new shows.
Like Moscow Circus, Phukets Fantasea or Crazy Horse Paris. Do we
need the same live show (8W) all year round or can we have a
combination of Jacky Cheung, Bollywood stars or Josh Groban. If we
can have them all, and updated yearly , why not?
So in this context , Gentings bid should be seen as 6.2 billion
not 5.2 billion SGD. They have declared this is make or break for
them and will ensure success.
They have placed huge bets on us, shown admirable commitment in
going through two races, given their all in this bid and have a
robust financial plan to turn in a profit. This makes for a
sustainable development that must not fail and will determine the
face of Sentosa for the next decade or so.
