Singapore tourism board says to name casino winner in mid-2006

12.04.2006, Lesen Sie hier den Bericht über «Singapore tourism board says to name casino winner in mid-2006».

SINGAPORE (MarketWatch) -- The Singapore Tourism Board Tuesday reiterated it will name the winning bidder for the Marina Bay casino resort in mid-2006, indicating an earlier announcement may not be forthcoming as hoped by some investors.

STB's comment follows remarks by Trade & Industry Minister Lim Hng Kiang late Monday that the government may skip a second round of presentations by the Marina Bay casino bidders scheduled for early next month. The tourism board is the main government agency handling the bidding for Singapore's two casino resorts which are aimed at boosting the city-state's tourism sector.

Officials from the consortiums of MGM Mirage (MGM) and CapitaLand Ltd. (C31.SG); Harrah's Entertainment Inc. (HET) (and Keppel Land Ltd. (K17.SG); Las Vegas Sands Corp. (LVS); and Genting International (G13.SG) and Star Cruises Ltd. (S21.SG) met Singapore officials last week to discuss their proposals for the city-state's first casino resort at Marina Bay.

They were scheduled to make a second presentation in early May but it may no longer be required. According to transcripts of Lim's comments seen by Dow Jones Newswires, the minister said the government "may not need to call them (the bidders) up because we've gone through the process of meeting them." "Our officials are meeting them now; we're going through the internal evaluation then we make a decision. Only if there is a difference in perceptions, then we may need to call them up again for clarifications," Lim said. Many investors read Lim's remarks as a signal that authorities were close to making a decision on the Marina Bay casino, and aggressively bought shares of CapitaLand and Keppel Land.

According to traders, an early decision suggested the authorities were leaning toward the consortiums that included the two government-linked companies. With CapitaLand or Keppel Land involved in the Marina Bay casino as equity partners, the government will have stronger influence in the running of the casino should social problems arise or if there is a political outcry over aspects of the operations.

Around 0830 GMT, CapitaLand was up 1.3% at S$4.78 after having risen as high as S$4.82 earlier in the session. Keppel Land, which earlier hit an intraday high of S$4.76, was 2.6% higher at S$4.72. U.S. casino operators have been rushing to expand in Asia to tap the region's fast-growing ranks of millionaires and middle-class consumers. Besides vying to build a casino in Singapore, MGM and Sands are also developing properties in Macau, the only part of China where casino gaming is legal.

The Singapore casino-resort at Marina Bay, which will be built on a 20.6 hectare waterfront site near the financial district, is likely to cost more than US$3 billion based on figures provided by Genting and Sands, making it one of the world's most expensive. Singapore last year reversed its decades-old ban on casino gambling and said it would award two casino licenses to boost tourism and help the city-state shed its straight-laced image.

The tender for the second casino-resort on Sentosa island will be launched on Apr. 28, and applications will close Oct. 10. The government will name the winner of the second casino license before the end of the year.

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--- Ende Artikel / Pressemitteilung Singapore tourism board says to name casino winner in mid-2006 ---


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