Las Vegas giants in tight race for Singapore casino licence

29.03.2006, Lesen Sie hier den Bericht über «Las Vegas giants in tight race for Singapore casino licence».

The bidding close this week

(Singapore).- MGM Mirage has emerged as one of the favourites to win a Singapore casino licence, but analysts admit it is anybody’s game as details of the multi-billion dollar bids remain unknown to the public. The bidding will close on Wednesday, after which a government panel will grade the proposals according to their tourism appeal, architectural concept and design, development investment and bidders’ financial strength.

A winner from among the four surviving bidders is expected to be announced in June for the project on Marina Bay near the financial district. Estimated to cost three billion US dollars, the "integrated resort" will be one of the priciest casino projects in the world. It is expected to include casino gambling as well as top-end leisure, entertainment and business facilities.

Analysts said MGM’s partnership with Southeast Asia’s biggest property group, CapitaLand, will be a crucial factor in the tightly contested race. But they say rivals Harrah’s Entertainment, the world’s biggest gaming operator, and Las Vegas Sands should not be easily dismissed, while Malaysian company Genting International remains a dark horse.

Harrah’s has teamed up with prominent local developer, Keppel Land, whose parent firm is diversified conglomerate Keppel Corp. CapitaLand and Keppel Land are companies under the stable of state-linked Singapore investment firm Temasek Holdings, although the government has assured this would not influence how the winner is chosen.

Las Vegas Sands has no local partner after developer City Developments pulled out, while Genting, which runs a casino in nearby Malaysia, is allied with its sister company Star Cruises.

A DBS Vickers comparison table showed MGM fulfilled 95 percent of the criteria, with Harrah’s a close second with 93 percent. Las Vegas Sands was a distant third with 85 percent and Genting with 80 percent.

Winston Liew, who covers the property market for OCBC Investment Research, told AFP they were placing their bets on the MGM-CapitaLand partnership. "The government, when they open up the tenders, will have all the details. So nobody really knows who the winner is until everything is put on the table," Liew said. "We don’t know what the other contenders have up their sleeves so it’s very difficult to assess one against the other at this point in time," he added.

MGM chairman and CEO Terrence Lanni said he did not see the selection process as a "vicious competition requiring any sort of ’killer’ punch to an opponent". It was more of an opportunity for Singapore "to evaluate the credentials of a long-term partner," he told AFP by email.

Press reports here on Saturday quoted Sands president Bill Weidner as saying the company has increased its promised investment to three billion US dollars from 2.5 billion. Genting had earlier said it would invest three billion dollars, but MGM and Harrah’s have kept their lips sealed.

Weidner also confirmed Sands had scrapped plans to establish a version of the Guggenheim Museum in Singapore but revealed it would bring Indian Bollywood acts to the resort if it wins.

Harrah’s has so far mounted the most high-profile campaign, hiring Daniel Libeskind - the master planner of Freedom Tower at the site of the September 11, 2001 Al-Qaeda attacks in New York City- to design its overall development. James Cameron, director of the Hollywood hit move "Titanic", has joined Harrah’s team as key architect for a 16-storey entertainment complex.

But Keppel Corp executive chairman Lim Chee Onn said the distinguishing features of the Harrah’s- Keppel Land proposal will only be "revealed at the right time to the right people."

MGM and CapitaLand have jealously kept their aces close to their chests, although they plan to bring Canada’s Cirque du Soleil acrobatic troupe into Singapore. They also plan to invite top Asian entertainers and the world’s top chefs. MGM’s Lanni said they remained largely silent on their plans because "this should not be a popularity contest based on who has drawn the most attractive sunset behind a hotel tower, or who has paid the biggest name to attend a press conference."

Harrah’s chairman and CEO Gary Loveman staked his company’s 68-year record in the business. "We think that record will be an essential and unrivaled component of the way this decision is made... We’re confident that they will find us the right folks to do this."

Bidding for a second casino on Sentosa island will start on April 28 and close on October 10. The winner will be announced by the end of the year. Singapore last year lifted a ban on casino gambling to boost its tourism appeal. Yahoo Finance

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