Harrahs and Keppel not to bid for a Singapore casino

08.10.2006, Lesen Sie hier den Bericht über «Harrahs and Keppel not to bid for a Singapore casino»

After Harrah´s received a us$ 15 billion buyout offer from two private equity firms (Singapore).- Harrah’s Entertainment, the world’s largest casino operator, and Singapore’s Keppel Land announced today that they would not be submitting their joint bid for the Singapore Tourism Board Sentosa Island integrated resort project despite three months of planning a proposal.

Regrettably, we determined it would not be possible to deliver a development on the scale we envisioned for Sentosa Island while meeting our objectives for this project," the two companies said in a statement. Bids for the Sentosa Island integrated resort are due Tuesday.

Harrah’s said yesterday it was re-evaluating its joint bid with Keppel after receiving a us$ 15 billion buyout offer from two private equity firms. The buyout offer from Apollo Management and Texas Pacific Group, which it announced Monday, may have changed the equation, Harrah’s said. "Harrah’s remains interested in future Asian development opportunities," the statement said.

Should the buyout offer be accepted, Harrah’s - which owns or manages more than 40 casinos around the world - would have a new set of owners who would then have to undergo probity checks in Singapore.

Casino licenses in many developed countries are awarded by regulators only if the owners and key managers of the company pass scrutiny. In Singapore’s case, the four parties had already gone through a series of checks ahead of the October10 deadline, and Harrah’s new ownership would have complicated the bidding process.

Three other teams have applied for Singapore’s second casino license: Las Vegas casino resort developer Eighth Wonder Asia; a joint venture between Malaysia’s Genting International and Star Cruises Ltd., with Universal Studios as a non-equity partner; and a joint venture between Kerzner International and Singapore’s CapitaLand.

Singapore last year legalized casino gaming and said it would allow two casino resorts to be built. The first was awarded in May to Las Vegas Sands in a bid that Harrah’s also competed for. The us$ 3.6 billion casino resort is expected to be operating by July 2009. Yahoo Finance

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Über Harrah's Operating Company, Inc.:

Founded in 1937, Harrah´s Entertainment, Inc. is the world´s largest casino operator.

We operate 28 casinos in 12 states under the Harrah´s, Harveys, Horseshoe, Rio, and Showboat brand names. Our goal is to provide great customer service in exciting and entertaining environments, and become your overwhelming first choice for casino entertainment.

We concentrate on building loyalty and value for our customers, shareholders, employees, business partners, and communities by being the most service- oriented, technology-driven, geographically-diversified company in gaming. Enjoy your visit to our site. We look forward to your comments about us.

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