Harrah´s CEO is optimistic about Singapore bid

05.03.2006, Lesen Sie hier den Bericht über «Harrah´s CEO is optimistic about Singapore bid».

Other contenders are MGM Mirage, Las Vegas Sands and Genting International

(Singapore).- Harrah’s Entertainment chief executive said on Wednesday that he is optimistic that the gaming company will win its bid to build and run Singapore’s first casino resort. "We are very actively pursuing that," Gary Loveman said in an interview of Harrah’s joint bid with Singapore developer Keppel Land for the project. "We think we have a very good chance to win."



He told Reuters that he expected to hear whether Harrah’s has won "a couple of months" after proposals are submitted later in March. The project at the city-state’s downtown waterfront represents Harrah’s best chance to crack the Asian market for the time being. Besides Harrah’s, other contenders include MGM Mirage, which is partnering with state-linked firm CapitaLand, Las Vegas Sands and Genting International.

Though the Las Vegas-based firm has been aggressive in other regions, including Europe, it has yet to win a concession in Macau, the booming Chinese island on which many U.S. hotel and casino operators have set their sites. Loveman reiterated that Harrah’s is "exploring options" at the former Portuguese colony after sitting out the first round of licensing concessions there.

Turning to the United States, Loveman said Harrah’s management will likely describe to its board in July a plan to redevelop its Las Vegas properties, with detailed presentations to analysts and the media following. But he cautioned against comparing Harrah’s plan with MGM’s planned us$ 7 billion CityCenter project or Boyd Gaming Corp.’s us$ 4 billion Echelon Place development. The former is due to open in late 2009 and the latter in 2010.

"In general we would be talking about enhancing the existing properties," Loveman said. "There are some that would be candidates for being torn down, the Imperial Palace being the first on the list." Loveman said he was not concerned the spate of new construction could lead to an excess of supply along the Las Vegas Strip, but said Harrah’s would be "sensitive to the timing of these supply additions when we think about what we want to do."

Über Harrah's Las Vegas Hotel and Casino:

Das Casino gehört zu Caesars Entertainment. Caesars Entertainment Inc. wurde 1937 als Harrah's gegründet und wurde 2010 in Caesars Entertainment umbenannt. Besitzer sind die Investment-Firmen Apollo Global Management, TPG Capital und The Blackstone Group.

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