Las Vegas Sands wins bid to build
Singapore's first integrated resort
SINGAPORE : Las Vegas Sands has hit the jackpot by winning the bid
to build Singapore's first integrated resort, to be called The
Marina Bay Sands.
It staved off fierce competition for the Marina Bay project from
three other bidders - Genting International and Star Cruises,
Harrah's Entertainment and Keppel Land, and MGM Mirage along with
CapitaLand.
The award of the project follows an in-depth two-stage bidding
process which started in December 2004 and attracted 19 bids from
consortiums in Australia, South Africa and the US.
The integrated resort will be a centrepiece of the Marina Bay
landscape come 2010.
At a news conference on Friday, Deputy Prime Minister S Jayakumar
said that among the four bidders, Las Vegas Sands had committed the
highest development investment of S$3.85 billion.
With the land price and associated capital cost, its total
investment will exceed S$5 billion.
Said Prof Jayakumar, "Sands has submitted the best overall proposal
that meets our economic tourism objective. In particular, the
proposal will significantly strengthen Singapore's position as a
leading MICE destination and the proposal also possesses unique
design elements that will provide a memorable image for Marina
Bay."
Sands, which owns The Venetian on The Strip and Sands Macau, is set
to go big on conventions for its Marina project, setting aside
enough convention space to host up to 54,000 delegates.
Its offer will also include celebrity chefs, a fine-dining
experience, and Broadway producer Clear Channel
Entertainment.
The operator has also pledged to provide over 10,000 jobs at the
Singapore resort, with 75 percent of them going to the
locals.
Sands has support from City Developments, although the local
property developer is not taking an equity stake in the
project.
In a statement, Las Vegas Sands said it felt "honoured" to have
been picked to build and operate Singapore's first integrated
resort.
Group president and COO William Weidner said he was looking forward
to now partnering the Singapore Government in enhancing the
city-state's status as one of the world's great travel
destinations.
Mr Weidner said, "We are confident we have the strengths and
capabilities to achieve this mandate based on our unique ability to
develop successful, iconic Integrated Resorts from the ground
up."
The next step will be ramping up its development plans to deliver
on its promise of complete the entire project in 2009. - CNA
/ir/ct
